GBP/USD jumps above 1.2510, to 3-week highs

Matías Salord FXStreet

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).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.