GBP/USD rises, with eyes on the crucial 1.3000 mark.
Bullish technical outlook continues; RSI suggests potential for more gains, nearing overbought territory.
Support levels to watch if rejection happens: 1.2900, 1.2894 (March 8 peak), and 1.2860 (June 12 high).
The Pound Serling rallied sharply against the US Dollar on Friday, up by more than 0.50% even though US inflation data on the producer front was slightly higher than expected, contrary to consumer prices revealed on Thursday. The GBP/USD trades at 1.2981 after bouncing off daily lows of 1.2901.
GBP/USD Price Analysis: Technical outlook
The uptrend on the GBP/USD continues, as it hits a new year-to-date (YTD) high and targets last year’s July 27 high of 1.2995, which is an inch of the 1.3000 figure.
From a momentum standpoint, bulls are in charge. The Relative Strength Index (RSI), despite being at overbought conditions due to aggressive price action, hasn’t reached the most extreme level used by traders, 80. Hence, there is some room to spare, and the 1.3000 would be up for grabs.
A rejection at the 1.3000 mark could pave the way for range-bound trading within the 1.2900-1.3000 range. However, a fall below 1.2900 would lay the path to test the March 8 peak turned support at 1.2894, ahead of June 12’s high at 1.2860.
GBP/USD Price Action – Daily Chart
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 US Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.31%
-0.55%
-0.66%
-0.04%
-0.37%
-0.39%
-0.18%
EUR
0.31%
-0.23%
-0.29%
0.26%
-0.06%
-0.09%
0.11%
GBP
0.55%
0.23%
-0.06%
0.49%
0.16%
0.13%
0.33%
JPY
0.66%
0.29%
0.06%
0.57%
0.28%
0.23%
0.45%
CAD
0.04%
-0.26%
-0.49%
-0.57%
-0.32%
-0.36%
-0.16%
AUD
0.37%
0.06%
-0.16%
-0.28%
0.32%
-0.03%
0.17%
NZD
0.39%
0.09%
-0.13%
-0.23%
0.36%
0.03%
0.21%
CHF
0.18%
-0.11%
-0.33%
-0.45%
0.16%
-0.17%
-0.21%
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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/gbp-usd-price-analysis-soars-as-bulls-set-their-sights-at-13000-202407121446
