GBP/USD Price Analysis: Stays bullish, climbs to four-day high
|- GBP/USD climbs to 1.2772, close to a four-day high of 1.2784.
- Technical outlook shows upward bias with RSI pointing higher but not yet overbought.
- Key resistance at 1.2800; surpassing it could lead to YTD high of 1.2893, while support lies at 1.2643 and 1.2600.
The British Pound rallied for the third straight day against the US Dollar, gaining some 0.37% in early trading during the North American session. The GBP/USD exchanged hands at 1.2785, shy of a four-day high of 1.2787 reached during the European session.
GBP/USD Price Analysis: Technical outlook
From a daily chart perspective, the GBP/USD is upward biased as buyers gain momentum, reflected on the Relative Strength Index (RSI). The RSI aims upwards yet with a room before turning overbought.
That said, buyers need to clear the conglomeration of technical levels, with the 1.2800 figure and a downslope resistance trendline passing around that area. Once surpassed, the next stop would be the year-to-date (YTD) high of 1.2893, which is shy of 1.2900.
On the other hand, if GBP/USD tumbles below 1.2700, that could sponsor a leg down toward the confluence of the May 3 high turned support and the 100-day moving average (DMA) at around 1.2643. Further losses lie at 1.2600.
GBP/USD Price Action - Daily Chart
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.