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GBP/USD Price Analysis: Holding above 1.2850, approaching retracement resistance

  • GBP/USD is moving higher within an ascending channel, signaling a bullish bias.
  • The 14-day RSI is positioned just below the 70 level, indicating possible overbought conditions in the pair.
  • A break above the retracement resistance at the level of 1.2860 could lead the pair to test the upper boundary.

GBP/USD continues to advance for the second consecutive session, trading around 1.2860 during the Asian hours on Thursday. The daily chart analysis shows that the pair is moving higher within an ascending channel, indicating a bullish bias in the pair’s price action.

Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly below the 70 level, indicating a confirmation of the uptrend while also suggesting possible overbought conditions. A break above this level could signal the need for caution, possibly indicating an upcoming correction.

Additionally, the Moving Average Convergence/Divergence (MACD) momentum indicator is indicating short-term bullish momentum. This is evidenced by the MACD line being above the center line and showing divergence above the signal line.

In terms of resistance, the GBP/USD pair is testing the retracement resistance near the 1.2860 level. A successful break above this barrier could potentially push the pair higher to test the upper boundary of the ascending channel around the 1.2870 level.

On the downside, the GBP/USD pair could find significant support near the 14-day exponential moving average (EMA) at the level of 1.2763. If this level breaks, it could lead to further selling pressure, potentially testing the lower boundary of the ascending channel around 1.2740. Additional support could be found around the retracement support level of 1.2615.

GBP/USD: Daily Chart

Pound Sterling PRICE Today

The table below shows the exchange rate of the British Pound (GBP) against major currencies today. The British Pound was the strongest currency against the US Dollar.

USD -0.07% -0.10% -0.03% -0.03% -0.21% -0.27% -0.04%
EUR 0.07% -0.02% 0.04% 0.05% -0.13% -0.19% 0.00%
GBP 0.10% 0.02% 0.06% 0.07% -0.11% -0.16% 0.05%
JPY 0.03% -0.04% -0.06% -0.01% -0.19% -0.28% -0.04%
CAD 0.03% -0.05% -0.07% 0.00% -0.20% -0.25% -0.03%
AUD 0.21% 0.13% 0.11% 0.19% 0.20% -0.07% 0.16%
NZD 0.27% 0.19% 0.16% 0.28% 0.25% 0.07% 0.22%
CHF 0.04% -0.01% -0.05% 0.04% 0.03% -0.16% -0.22%

The heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the chart will represent the GBP (base)/USD (quote).

Source: Fx Street

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