GBP/USD Price Analysis: Remains subdued above 1.2700

Source Fxstreet
May 21, 2024 14:54
  • GBP/USD edges up, with buyers eyeing a clear break of the weekly high.
  • Key resistance levels lie at 1.2803, and YTD high at 1.2893.
  • The major can turn bearish below, falling below 1.2681.

The Pound Sterling registered minuscule gains versus the US Dollar in early trading during the North American session. Investors’ sentiment is upbeat as most US equity indices are rising, US Treasury bond yields are falling, and the Greenback was virtually unchanged against a basket of its peers. Therefore, the GBP/USD trades at 1.2719, up 0.11%.

GBP/USD Price Analysis: Technical outlook

The GBP/USD pair shows a clear upward bias in the near term. While it has yet to print a new weekly high above Monday’s 1.2725, this could potentially pave the way for significant further gains.

Momentum is in favor of the buyers, as depicted by the Relative Strength Index (RSI), which is in bullish territory, though it’s about to turn overbought.

If GBP/USD buyers reclaim 1.2725, that could exacerbate a rally to the next pivot high at 1.2803, the March 21 high. Once surpassed, the next resistance would be the year-to-date (YTD) high at 1.2893.

Conversely, the pair could aim downwards if it registers a daily close below May 20’s low of 1.2681. That can expose the 100-day moving average (DMA) at 1.2634, followed by the 50-DMA at 1.2583.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2721
Today Daily Change 0.0015
Today Daily Change % 0.12
Today daily open 1.2706
 
Trends
Daily SMA20 1.2556
Daily SMA50 1.2585
Daily SMA100 1.2632
Daily SMA200 1.2541
 
Levels
Previous Daily High 1.2726
Previous Daily Low 1.2689
Previous Weekly High 1.2712
Previous Weekly Low 1.2509
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2712
Daily Fibonacci 61.8% 1.2703
Daily Pivot Point S1 1.2688
Daily Pivot Point S2 1.2671
Daily Pivot Point S3 1.2652
Daily Pivot Point R1 1.2725
Daily Pivot Point R2 1.2743
Daily Pivot Point R3 1.2761

 

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 Canadian Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.02% -0.14% -0.17% 0.13% -0.10% 0.07% -0.09%
EUR 0.02%   -0.13% -0.14% 0.13% -0.08% 0.07% -0.07%
GBP 0.14% 0.13%   -0.04% 0.28% 0.04% 0.20% 0.05%
JPY 0.17% 0.14% 0.04%   0.31% 0.07% 0.22% 0.08%
CAD -0.13% -0.13% -0.28% -0.31%   -0.23% -0.07% -0.23%
AUD 0.10% 0.08% -0.04% -0.07% 0.23%   0.16% 0.03%
NZD -0.07% -0.07% -0.20% -0.22% 0.07% -0.16%   -0.15%
CHF 0.09% 0.07% -0.05% -0.08% 0.23% -0.03% 0.15%  

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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Pound Sterling steadies after UK GDP data shows economy stalled in AprilThe Pound Sterling (GBP) hovers around 1.2750 against the US Dollar (USD) in Wednesday’s London session, broadly unaffected by the United Kingdom's (UK) monthly Gross Domestic Product (GDP) and Industrial Production data for April.
Source  Fxstreet
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Source  Fxstreet
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