GBP/USD jumps above 1.2510, to 3-week highs
|GBP/USD accelerated to the upside during the last hour and broke above the strong resistance area located around 1.2510 and jumped to 1.2560, hitting the highest level in three weeks. Then it pulled back and it was trading at 1.2530/35, 95 pips above yesterday’s closing price.
The break of the mentioned key level boosted the pound across the board. EUR/GBP fell to fresh lows below 0.8450 and GBP/CHF moved back above 1.2600.
The last move to the upside was triggered by an extension of the decline of the US dollar across the board. The US dollar index fell to 100.83, the weakest level in three days.
GBP/USD levels to watch
The area around 1.2510/20 has now become an important short-term support for the bullish bias. If the pair holds above, the upside momentum could remain strong.
To the upside, resistance levels might be seen at 1.2560 (daily high), 1.2580 (Feb 09 high) and 1.2610. On the opposite direction, support could be located at 1.2505/10 (Feb 22 high), 1.2475 (20-hour moving average) and 1.2425 (daily low).
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.