GBP/USD Price Analysis: Remains subdued above 1.2700
|- GBP/USD edges up, with buyers eyeing a clear break of the weekly high.
- Key resistance levels lie at 1.2803, and YTD high at 1.2893.
- The major can turn bearish below, falling below 1.2681.
The Pound Sterling registered minuscule gains versus the US Dollar in early trading during the North American session. Investors’ sentiment is upbeat as most US equity indices are rising, US Treasury bond yields are falling, and the Greenback was virtually unchanged against a basket of its peers. Therefore, the GBP/USD trades at 1.2719, up 0.11%.
GBP/USD Price Analysis: Technical outlook
The GBP/USD pair shows a clear upward bias in the near term. While it has yet to print a new weekly high above Monday’s 1.2725, this could potentially pave the way for significant further gains.
Momentum is in favor of the buyers, as depicted by the Relative Strength Index (RSI), which is in bullish territory, though it’s about to turn overbought.
If GBP/USD buyers reclaim 1.2725, that could exacerbate a rally to the next pivot high at 1.2803, the March 21 high. Once surpassed, the next resistance would be the year-to-date (YTD) high at 1.2893.
Conversely, the pair could aim downwards if it registers a daily close below May 20’s low of 1.2681. That can expose the 100-day moving average (DMA) at 1.2634, followed by the 50-DMA at 1.2583.
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 Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | -0.14% | -0.17% | 0.13% | -0.10% | 0.07% | -0.09% | |
| EUR | 0.02% | -0.13% | -0.14% | 0.13% | -0.08% | 0.07% | -0.07% | |
| GBP | 0.14% | 0.13% | -0.04% | 0.28% | 0.04% | 0.20% | 0.05% | |
| JPY | 0.17% | 0.14% | 0.04% | 0.31% | 0.07% | 0.22% | 0.08% | |
| CAD | -0.13% | -0.13% | -0.28% | -0.31% | -0.23% | -0.07% | -0.23% | |
| AUD | 0.10% | 0.08% | -0.04% | -0.07% | 0.23% | 0.16% | 0.03% | |
| NZD | -0.07% | -0.07% | -0.20% | -0.22% | 0.07% | -0.16% | -0.15% | |
| CHF | 0.09% | 0.07% | -0.05% | -0.08% | 0.23% | -0.03% | 0.15% |
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.