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GBP/USD Price Analysis: Breaks above 1.2700, bulls still in control

  • 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

GBP/USD

Overview
Latest price today 1.2708
Today's daily change 0.0007
Today Daily change % 0.06
Today daily opening 1.2701
Trends
daily SMA20 1.2538
50 daily SMA 1.2588
SMA100 daily 1.2632
SMA200 Journal 1.2541
Levels
Previous daily high 1.2712
Previous daily low 1.2645
Previous weekly high 1.2712
Previous weekly low 1.2509
Previous Monthly High 1.2709
Previous monthly low 1.23
Daily Fibonacci 38.2 1.2686
Fibonacci 61.8% daily 1.2671
Daily Pivot Point S1 1,266
Daily Pivot Point S2 1.2619
Daily Pivot Point S3 1.2593
Daily Pivot Point R1 1.2727
Daily Pivot Point R2 1.2753
Daily Pivot Point R3 1.2794

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

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