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GBP/USD Price Analysis: Rallies remain limited below 1.2600

  • GBP/USD rises on US Dollar weakness and surpasses the 200 DMA.
  • If buyers recapture 1.2600, a test of 1.2700 is expected in the near term.
  • If the pair falls below 1.2500, a drop towards 1.2445 and 1.2299 should be expected.

The British Pound gains ground against the US Dollar and surpasses the 200-day moving average (DMA) of 1.2541 in early trading of the North American session. At the time of writing, the GBP/USD pair is trading at 1.2566, up 0.36%.

GBP/USD Price Analysis: Technical Outlook

Currently the GBP/USD pair is uncertain and shows a neutral bias. It is unable to decisively continue its uptrend and surpass the May 3 high at 1.2634, the last cycle high. Once broken, this could exacerbate a rally towards the April 9 high at 1.2709 before challenging the psychological figure of 1.2800.

On the other hand, a bearish resumption is most likely once sellers intervene and penetrate below the 200 and 1.2500 DMA. If these two levels are broken, the next support lies at 1.2445, the May 9 low, followed by the April 22 low at 1.2299.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Latest price today 1.2563
Today's daily change 0.0038
Today's daily change 0.30
Today's daily opening 1.2525
Trends
daily SMA20 1.2484
50 daily SMA 1.2599
SMA100 daily 1.2637
SMA200 daily 1.2543
Levels
Previous daily high 1.2541
Previous daily low 1.2503
Previous weekly high 1.2594
Previous weekly low 1.2446
Previous Monthly High 1.2709
Previous monthly low 1.23
Daily Fibonacci 38.2 1.2526
Fibonacci 61.8% daily 1.2517
Daily Pivot Point S1 1.2505
Daily Pivot Point S2 1.2484
Daily Pivot Point S3 1.2466
Daily Pivot Point R1 1.2543
Daily Pivot Point R2 1.2561
Daily Pivot Point R3 1.2582

Source: Fx Street

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