GBP/USD Price Analysis: Appreciates to near 1.2810 followed by December’s high

GBP/USD targets December high at 1.2828 and August high at 1.2841.
Technical analysis suggests a confirmation of the bullish trend for the pair.
The psychological level of 1.2800 appears as an immediate support level.

Akhtar Faruqui FXStreet

GBP/USD seems to continue its winning streak that began on March 1, hovering around 1.2810 during the Asian session on Friday. The GBP/USD pair receives upward support as the US Dollar (USD) faces challenges on improved risk appetite amid lower US Treasury yields.

The GBP/USD pair finds the immediate barriers at December’s high at 1.2828 and August’s high at 1.2841. A break above these levels could support the pair to test the major level of 1.2850, followed by the psychological resistance area around the 1.2900 level.

The technical analysis of the GBP/USD pair shows that the 14-day Relative Strength Index (RSI) is positioned above 50. This indicates a bullish momentum for the pair. Additionally, the Moving Average Convergence Divergence (MACD), a lagging indicator, suggests a confirmation of the bullish trend for the pair. This is evident from the MACD line being situated above the centerline and shows the divergence above the signal line.

The GBP/USD pair may encounter immediate support at the psychological level of 1.2800 following further support near the major level at 1.2750. A break below the major level could push the pair to test the nine-day Exponential Moving Average (EMA) at 1.2726.

Further support lies at the psychological level of 1.2700, a surpassing of this level could lead the GBP/USD pair to test the 23.6% Fibonacci retracement level of 1.2641.

GBP/USD: Daily Chart

GBP/USD

Overview
Today last price	1.2807
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	1.2809

Trends
Daily SMA20	1.2652
Daily SMA50	1.2674
Daily SMA100	1.2576
Daily SMA200	1.2583

Levels
Previous Daily High	1.2811
Previous Daily Low	1.2723
Previous Weekly High	1.27
Previous Weekly Low	1.26
Previous Monthly High	1.2773
Previous Monthly Low	1.2518
Daily Fibonacci 38.2%	1.2777
Daily Fibonacci 61.8%	1.2757
Daily Pivot Point S1	1.2751
Daily Pivot Point S2	1.2693
Daily Pivot Point S3	1.2663
Daily Pivot Point R1	1.2839
Daily Pivot Point R2	1.2869
Daily Pivot Point R3	1.2927

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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