GBP/USD jumps toward 1.2400 as pound soars

Pound hits fresh highs versus USD and also against ERU and CHF.
GBP/USD turns positive for the week, but losses strength near 1.2400.

Matías Salord FXStreet

The GBP/USD pair rose further and extended gains. It printed a fresh daily high at 1.2392, the highest level since Friday. The pair trades at 1.2370, up almost 80 pips for the day, holding firm to recent gains despite moving off highs.

The move higher was triggered by a stronger pound and also after the DXY turned negative for the day, after making a reversal. The greenback retreated despite US economic data and as equity prices approached the recent daily top. Not even higher US yields contributed to limit the upside in GBP/USD. Chairman Powell and Treasury Secretary Mnuchin will speak about how to recover the economy at a House Financial Services Committee hearing.

The pound gained momentum during the American session on the back of end-of-month flows and amid some improvement in risk appetite. It managed to print fresh highs versus the euro and the Swiss franc unaffected by the latest Brexit headlines that showed EU negotiator Barnier rejected the latest proposal from the UK for financial firms in doing business with the block.

From a technical perspective, the bounce from near 1.2250 in GBP/USD alleviated the bearish pressure, but still, the bias is negative. If the pair manages to stay firm above 1.2350 the greenback will lose momentum. Above 1.2405 the par will likely rise further toward 1.2450.

Technical levels

GBP/USD

Overview
Today last price	1.2367
Today Daily Change	0.0068
Today Daily Change %	0.55
Today daily open	1.2299

Trends
Daily SMA20	1.2535
Daily SMA50	1.2413
Daily SMA100	1.2478
Daily SMA200	1.2691

Levels
Previous Daily High	1.239
Previous Daily Low	1.2252
Previous Weekly High	1.2543
Previous Weekly Low	1.2314
Previous Monthly High	1.2601
Previous Monthly Low	1.2076
Daily Fibonacci 38.2%	1.2304
Daily Fibonacci 61.8%	1.2337
Daily Pivot Point S1	1.2237
Daily Pivot Point S2	1.2175
Daily Pivot Point S3	1.2099
Daily Pivot Point R1	1.2375
Daily Pivot Point R2	1.2451
Daily Pivot Point R3	1.2513

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.

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