- GBP/USD seesaws at the highest level since April 2022, pauses six-day uptrend.
- Overbought RSI conditions, late 2021 low challenge Cable buyers.
- Pound Sterling’s upside remains favored unless staying beyond two-month-old previous resistance line.
- Bulls can aim for 1.3300 on breaking immediate upside hurdle.
GBP/USD makes rounds to 1.3130-40 after refreshing a 15-month high as it awaits fresh clues during the early hours of Friday’s Asian session. In doing so, the Cable pair takes clues from the overbought RSI conditions while portraying the trader’s cautious mood at the key upside hurdle.
Also read: GBP/USD rally breaks 1.3100 barrier amid soft US PPI data
That said, December 2021 bottom surrounding 1.3160 restricts the immediate upside of the Pound Sterling pair at the multi-month high, amid the overbought RSI (14) line, suggesting a pullback toward the 78.6% Fibonacci retracement of the January-September 2022 downturn, near 1.3030.
However, the Pound Sterling buyers remain hopeful unless the quote stays beyond the previous resistance line stretched from early May 2023, around 1.2970 by the press time.
Following that, the previous monthly high of around 1.2850 and May’s peak of 1.2680 could lure the GBP/USD sellers.
Meanwhile, the Cable buyer’s ability to cross the 1.3160 hurdle could quickly propel the price toward the March 2022 high surrounding 1.3300.
Though, January 2022 low near 1.3360-55 and multiple tops marked in early 2022 around 1.3650 may prod the GBP/USD bulls before directing them to the previous yearly top of near 1.3750.
GBP/USD: Daily chart
Trend: Limited upside expected
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.
Recommended content
Editors’ Picks
Gold gives away some gains, slips back to $2,980
Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.
EUR/USD remains firm and near the 1.0900 barrier
EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.
GBP/USD remains depressed, treads water in the low-1.2900s
GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.