TRENDING:

EUR/USD

GBP/USD

GBP/USD Price Analysis: Bulls extends gains and approach July highs

The pair is eyeing a break above 1.3100 as the bullish momentum strengthens
The RSI and MACD indicators suggest a continuation of the upward trend.
The buyer’s next target is 1.3100.

Patricio Martín FXStreet

In Tuesday's session, the GBP/USD pair continued its upward trajectory, rising by 0.32% to 1.3030 near mid-July highs, with bullish momentum gaining significant ground as indicated by the recent trading sessions.

The technical outlook for the GBP/USD pair remains bullish. The Relative Strength Index (RSI) has been rising steadily over the past sessions and is now above 50, indicating strong buying pressure. The Moving Average Convergence Divergence (MACD) also supports the bullish bias, as it has been trending upwards and is currently showing rising green bars. Additionally, the pair is trading way above its 20-day Moving Average (SMA) of 1.2830, which reinforces the bullish trend for the short term.

The GBP/USD pair faces resistance at 1.3100 and 1.3150, which are the immediate obstacles that the pair needs to overcome to continue its upward momentum. Support levels lie at 1.2900 and 1.2850. If the pair breaks below 1.2900, it could signal a potential trend reversal.

GBP/USD daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD under pressure as yield climb weighs and Fed risk dominates

EUR/USD slides 0.05% as the week begins, courtesy of broad US Dollar strength, amid choppy trading as traders brace for the Federal Reserve monetary policy decision. At the time of writing, the pair trades at 1.1637 after hitting a daily high of 1.1672.

GBP/USD shuffles its feet as investors await key central bank moves

GBP/USD found little momentum on either side of the line on Monday, with the Cable pair churning chart paper just north of the 1.3300 handle to kick off a fresh trading week. Broad-market sentiment is largely hinging on an upcoming interest rate decision from the Federal Reserve due during the midweek, and investors are shunning stepping too far into either the bullish or bearish side in the runup to one of the biggest rate calls of the year.

Gold edges lower below $4,200 amid worries about hawkish Fed rate cut

Gold price trades in negative territory around $4,195 during the early Asian session on Tuesday. The precious metal edges lower amid concerns that the US Federal Reserve will adopt a hawkish tone in its rhetoric, despite delivering a rate cut on Wednesday.

RBA expected to hold interest rate amid rising inflation, steady economic growth

The Reserve Bank of Australia is on track to leave the Official Cash Rate unadjusted at 3.6%, following the conclusion of its December monetary policy meeting on Tuesday. The decision will be announced at 03:30 GMT, accompanied by the Monetary Policy Statement. RBA Governor Michele Bullock’s press conference will follow at 04:30 GMT.

Big week ahead: Fed poised to cut as Canada, Australia and Switzerland hold steady

This week we get a lot of data releases but the biggie is all those central bank decisions. Canada, Australia and Switzerland are expected to stay on hold, but the Fed is expected to cut.

Top 3 Price Predictions: Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds (ETFs).

GBP/USD daily chart

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2025