GBP/USD Price Analysis: Bulls are well positioned around 1.2400

• GBP/USD extends Thursday’s recovery gains, takes the bids towards 21-day SMA.
• A bullish candlestick formation, U-turn from short-term support line keep buyers hopeful.

GBP/USD takes the bids near 1.2395, intraday high of 1.2405, with 0.23% gains on a day, amid early Friday.

While taking a U-turn from the monthly support line, the Cable pair portrayed a Bullish Spinning Top candlestick on Thursday.

As a result, buyers are all set to challenge the 21-day SMA level of 1.2440.

Though, 61.8% Fibonacci retracement of March month fall and 200-day SMA, respectively near 1.2515 and 1.2660 can challenge the bulls afterward.

Alternatively, a daily closing below the previous day’s low of 1.2266 will defy the price-positive sentiment, which in turn can take rest at April 21 low near 1.2245 ahead of challenging the April month low close to 1.2165.

GBP/USD daily chart

Trend: Further upside expected