GBP/USD Extends Gains Beyond 1

GBP/USD continues its upward momentum for the second consecutive day, trading above 1.2230 in the Asian session on Monday. The pair may have received support from better-than-expected preliminary Gross Domestic Product (GDP) data from the UK released on Friday, coupled with a weaker US dollar. The ascending trendline, the 23.6% Fibonacci retracement level of the recent downtrend, the 100-period Simple Moving Average (SMA) on the 4-hour chart, and the 200-period SMA form a strong support level …