- GBP/USD extends its gains to two consecutive days, rising above 1.2700.
- Despite remaining bullish, bears are lurking as a daily close below 1.2700 could reignite selling pressure.
- Buyers are in control, and need GBP/USD to hold above 1.2700, to challenge 1.2800 in the near term.
The British Pound starts the week strong against the US Dollar, posting modest gains of 0.04% after hitting a daily low of 1.2681. At the time of writing, the GBP/USD pair is trading at 1.2703.
GBP/USD Price Analysis: Technical Outlook
Last week, GBP/USD moved closer to the current exchange rate, breaking through resistance levels such as the 50- and 100-day moving averages (DMA), opening the door for further gains. Although momentum supports buyers, as the RSI shows, downside risks remain.
For a bullish continuation, GBP/USD must stay above 1.2700. In that case, the first resistance would be the March 21 cycle high at 1.2803. Once broken, the next line of defense for sellers would be the yearly high at 1.2893, before 1.2900, followed by the psychological mark of 1.3000.
Conversely, if sellers drag GBP/USD price below 1.2700, this could exacerbate a retest of the confluence of the 100-DMA and the May 3 high at 1.2634. Additional losses lie below the latter, which would expose 1.2594 and the 50-DMA at 1.2584 before falling to the 200-DMA at 1.2539.
GBP/USD Price Action – Daily Chart
Pound Sterling Prices Today
The following table shows the percentage change of the British Pound (GBP) against the listed currencies today. The British pound was the strongest currency 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 the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the British Pound from the left column and move down the horizontal line to the US Dollar, the percentage change in the box will represent GBP (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
