GBP/USD looks firm and retargets 1.3200 and beyond

Pablo Piovano FXStreet

GBP/USD revisits the 1.3200 area at the beginning of the week.

The move higher in Cable is fuelled by further weakness in the US Dollar.

Trump’s tariffs remain front and centre of the FX universe.

In quite a positive start to the new trading week, the British pound managed to extend its bullish momentum, sending GBP/USD to multi-day peaks around the 1.3200 neighbourhood.

GBP/USD up on USD-selling, looks at tariffs

Indeed, Cable clinches its fifth daily advance in a row bolstered by the continuation of the downward trend in the Greenback, which comes in tandem with declining US yields across the curve, while the 10-year gilt yields also head southwards.

The generalised improved sentimentin the risk-associated space comes in response to somewhat alleviated jitters on the tariffs scenario, particulalry after President Trump said over the weekend that smartphones and computers will be temporarily exempted from the recently announced tariffs on Chinese imports.

Levels to watch

Currently, a move above the 2025 peak at 1.3207 (April 3), should expose a potential visiti to the 2024 top at 1.3434 (September 26).

On the downside, initial support comes at the always-relevant the 200-day SMA at 1.2817 prior to the April trough at 1.2707 (April 7) and the interim 100-day SMA at 1.2643.

In terms of momentum indicators, the Relative Strength Index (RSI) indicates a solid bullish stance near 65, while the Average Directional Index (ADX) around 27 suggest a moderated strength of the trend.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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