GBP/USD Price Analysis: Multiple upside hurdles past 1.2700, firmer US Dollar prod Cable buyers


  • GBP/USD defends rebound from 100-DMA at weekly top, prods one-month-old falling resistance line.
  • 50-DMA, multi-day-old previous support line add to the upside filters.
  • Looming bull cross on MACD adds strength to recovery hopes but US Dollar’s strength tests Cable buyers.
  • Late June’s low will challenge Pound Sterling sellers past 100-DMA.

GBP/USD edges higher past 1.2700 as it flirts with the weekly top surrounding 1.2730 amid the early hours of Thursday’s Asian session. In doing so, the Cable pair defends Monday’s U-turn from the 100-DMA while approaching a downward-sloping resistance line from July 14 after a three-day winning streak.

Not only a rebound from the 100-DMA but the impending bull cross on the MACD also underpins the upside bias about the Pound Sterling.

However, a clear break of the stated resistance line, close to 1.2750 by the press time, isn’t an open invitation to the Cable buyers as the 50-DMA hurdle of around 1.2785 prods the short-term advances of the quote.

Following that, a 5.5-month-old previous support line, now resistance around 1.2850, acts as the final defense of the GBP/USD bears.

Meanwhile, the broadly firmer US Dollar, backed by the upbeat Fed Minutes and yields of late, challenge the Pound Sterling buyers and tease a pullback toward the 100-DMA retest, especially amid a light calendar on Thursday. That said, the 100-DMA level is around 1.2625 by the press time.

In a case where the GBP/USD pair remains bearish past 1.2625, the weekly bottom of 1.2616 and the late June trough surrounding 1.2590 will test the sellers before giving them control.

GBP/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 1.2731
Today Daily Change 0.0027
Today Daily Change % 0.21%
Today daily open 1.2704
 
Trends
Daily SMA20 1.2789
Daily SMA50 1.2775
Daily SMA100 1.2616
Daily SMA200 1.2362
 
Levels
Previous Daily High 1.2752
Previous Daily Low 1.2675
Previous Weekly High 1.2819
Previous Weekly Low 1.2666
Previous Monthly High 1.3142
Previous Monthly Low 1.2659
Daily Fibonacci 38.2% 1.2723
Daily Fibonacci 61.8% 1.2705
Daily Pivot Point S1 1.2669
Daily Pivot Point S2 1.2634
Daily Pivot Point S3 1.2592
Daily Pivot Point R1 1.2746
Daily Pivot Point R2 1.2788
Daily Pivot Point R3 1.2823

 

 

Share: Feed news

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


Recommended content

Editors’ Picks

EUR/USD drops below 1.0450 as USD gathers strength

EUR/USD drops below 1.0450 as USD gathers strength

EUR/USD stays on the back foot and trades below 1.0450 on Wednesday. The cautious market stance helps the US Dollar (USD) stay resilient against its rivals and weighs on the pair as markets wait for the Federal Reserve to publish the minutes of the January policy meeting.

EUR/USD News
Gold climbs to new all-time high near $2,950

Gold climbs to new all-time high near $2,950

Gold retreats slightly from the all-time high it touched at $2,947 but manages to stay above $2,930 on Wednesday. The benchmark 10-year US Treasury bond yield clings to modest gains above 4.55%, limiting XAU/USD's upside. 

Gold News
GBP/USD retreats below 1.2600 despite strong UK inflation data

GBP/USD retreats below 1.2600 despite strong UK inflation data

GBP/USD struggles to hold its ground and trades in the red below 1.2600 on Wednesday. Earlier in the day, the data from the UK showed that the annual CPI inflation climbed to 3% in January from 2.5% in December. Market focus shifts to FOMC Minutes.

GBP/USD News
Maker Price Forecast: MKR generates highest daily revenue of $10 million

Maker Price Forecast: MKR generates highest daily revenue of $10 million

Maker (MKR) price extends its gains by 6%, trading around $1,189 on Wednesday after rallying more than 20% so far this week. Artemis data shows that MKR generated $10 million in revenue on February 10, the new yearly high in daily revenue.

Read more
Money market outlook 2025: Trends and dynamics in the Eurozone, US, and UK

Money market outlook 2025: Trends and dynamics in the Eurozone, US, and UK

We delve into the world of money market funds. Distinct dynamics are at play in the US, eurozone, and UK. In the US, repo rates are more attractive, and bills are expected to appreciate. It's also worth noting that the Fed might cut rates more than anticipated, similar to the UK. In the eurozone, unsecured rates remain elevated.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025