GBP/USD Price Analysis: Pushes above 1.2700 as bulls remain in charge
Source Fxstreet
- GBP/USD extends its gains to two straight days, climbing above 1.2700.
- Despite remaining bullish, bears loom as daily close below 1.2700 could reignite selling pressure.
- Buyers are in charge, and need the GBP/USD staying above 1.2700, to challenge 1.2800 near term.
The Pound Sterling begins the week solidly against the US Dollar, registering modest gains of 0.04% after hitting a daily low of 1.2681. At the time of writing, the GBP/USD trades at 1.2703.
GBP/USD Price Analysis: Technical outlook
Last week, the GBP/USD edged toward the current exchange rate, clearing stir resistance levels like the 50 and 100-day moving averages (DMAs), which opened the door for further gains. Although momentum backs buyers, as depicted by the Relative Strength Index (RSI), downside risks remain.
For a bullish continuation, the GBP/USD must remain above 1.2700. In that event, the first resistance would be the March 21 cycle high at 1.2803. Once surpassed, sellers’ next line of defense would be the year-to-date (YTD) high at 1.2893, ahead of 1.2900, followed by the psychological 1.3000 mark.
Conversely, if sellers drag the GBP/USD spot price below 1.2700, that could exacerbate a retest of the confluence of the 100-DMA and the May 3 high at 1.2634. Further losses lie below the latter, which would expose 1.2594 and the 50-DMA at 1.2584 before dipping to the 200-DMA at 1.2539.
GBP/USD Price Action – Daily Chart
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | -0.06% | 0.33% | -0.10% | 0.22% | 0.31% | -0.07% | |
| EUR | -0.01% | -0.10% | 0.36% | -0.10% | 0.25% | 0.30% | -0.07% | |
| GBP | 0.06% | 0.10% | 0.32% | 0.00% | 0.34% | 0.39% | 0.02% | |
| JPY | -0.33% | -0.36% | -0.32% | -0.45% | -0.10% | -0.01% | -0.39% | |
| CAD | 0.10% | 0.10% | 0.00% | 0.45% | 0.28% | 0.41% | 0.03% | |
| AUD | -0.22% | -0.25% | -0.34% | 0.10% | -0.28% | 0.05% | -0.32% | |
| NZD | -0.31% | -0.30% | -0.39% | 0.00% | -0.41% | -0.05% | -0.38% | |
| CHF | 0.07% | 0.07% | -0.02% | 0.39% | -0.03% | 0.32% | 0.38% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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