GBP/USD Price Analysis: Aims to revisit two-month highs, hovers above 1.2500

GBP/USD moves above the 1.2500 level while recovering recent losses.
The pair's bulls could explore the 1.2550 major barrier as technical indicators suggest strong momentum.
Seven-day EMA appears as a key support aligned with the 1.2450 major level near to the weekly low.

Akhtar Faruqui FXStreet

GBP/USD retraces recent losses registered in the previous session, trading higher around 1.2500 psychological level during the Asian session on Thursday.

The technical indicators for the GBP/USD pair are signaling a bullish outlook. The 14-day Relative Strength Index (RSI) above the 50 level indicates upward support, suggesting a bullish momentum in favor of the pair.

Additionally, the Moving Average Convergence Divergence (MACD) line, positioned above the centerline and exhibiting divergence above the signal line, implies a strong momentum in the GBP/USD pair.

The GBP/USD could face a challenge around the region at a major level of 1.2550, nearing a two-month high at 1.2559 level. A firm breakthrough above the latter could inspire the bulls of the pair to test the 1.2600 psychological level.

The US Dollar (USD) could improve as investors seem to perceive persistent inflation in the United States (US) following US economic data, which could put pressure on the GBP/USD pair. The seven-day Exponential Moving Average (EMA) at 1.2469 could act as a key support aligned with the 1.2450 major level and the weekly low at 1.2446.

A decisive break below the support region could push the GBP/USD pair to navigate the next support area around the 23.6% Fibonacci retracement at 1.2436 followed by the 1.2400 psychological level.

GBP/USD: Daily Chart

GBP/USD: more technical levels

Overview
Today last price	1.2509
Today Daily Change	0.0013
Today Daily Change %	0.10
Today daily open	1.2496

Trends
Daily SMA20	1.2313
Daily SMA50	1.2257
Daily SMA100	1.2503
Daily SMA200	1.245

Levels
Previous Daily High	1.255
Previous Daily Low	1.2449
Previous Weekly High	1.2506
Previous Weekly Low	1.2213
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2488
Daily Fibonacci 61.8%	1.2511
Daily Pivot Point S1	1.2447
Daily Pivot Point S2	1.2398
Daily Pivot Point S3	1.2346
Daily Pivot Point R1	1.2547
Daily Pivot Point R2	1.2598
Daily Pivot Point R3	1.2647

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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