• GBP/USD trades above 200-DMA at 1.2547, lifted by positive sentiment.
  • Technicals suggest upward trend, with resistance at 50-DMA (1.2609) and 100-DMA (1.2634/42).
  • Fall below 200-DMA could favor sellers, next supports at 1.2500 and May 1 low of 1.2466.

During the North American session, the British Pound registered modest gains versus the US Dollar. The Bank of England (BoE) will decide on monetary policy in a week. That and an upbeat market sentiment underpin the GBP/USD's higher trading at around 1.2579, above a key support level.

GBP/USD Price Analysis: Technical outlook

The GBP/USD is neutral to upward biased in the near term after breaching the 200-day moving average (DMA) at 1.2547. From a momentum standpoint, the Relative Strength Index (RSI) shifted bullishly, which could open the door for challenging the 1.2600 mark, slightly below the 50-DMA at 1.2609.

A breach of the latter will expose the confluence of the May 3 high and the 100-DMA at around 1.2634/42 before edging toward 1.2700.

On the other hand, if the GBP/USD tumbles below the 200-DMA, sellers could regain control. The first support would be the 1.2500 figure, followed by the May 1 low of 1.2466. Once cleared, the next stop would be 1.2400, followed by the April 22 low of 1.2299.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2578
Today Daily Change 0.0031
Today Daily Change % 0.25
Today daily open 1.2547
 
Trends
Daily SMA20 1.2497
Daily SMA50 1.2613
Daily SMA100 1.2645
Daily SMA200 1.2549
 
Levels
Previous Daily High 1.2635
Previous Daily Low 1.253
Previous Weekly High 1.2635
Previous Weekly Low 1.2466
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2595
Daily Fibonacci 61.8% 1.257
Daily Pivot Point S1 1.2506
Daily Pivot Point S2 1.2465
Daily Pivot Point S3 1.2401
Daily Pivot Point R1 1.2612
Daily Pivot Point R2 1.2676
Daily Pivot Point R3 1.2717

 

 

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