GBP/USD Price Analysis: Climbs above 1.2500, with bulls targeting 200-DMA

GBP/USD rises, rebounding from 1.2474 amid rumors impacting the US Dollar.
Currently, GBP/USD tests the 200-day moving average at 1.2555, showing a neutral to slight bearish outlook.
Breaking above the 200-DMA may target 1.2600, with potential further gains to 1.2621 and 1.2645.
Failure to exceed the 200-DMA could prompt a retest of the 1.2500 support.

Christian Borjon Valencia FXStreet

The Pound Sterling advanced sharply against the US Dollar in early trading during Monday’s North American session after hitting a daily low of 1.2474. Rumors of an intervention by Japanese authorities to propel the Japanese Yen (JPY) weighed on the Greenback, which is tumbling against most G8 FX currencies. Therefore, the GBP/USD trades at 1.2534, gaining 0.36%.

GBP/USD Price Analysis: Technical outlook

From a technical standpoint, the GBP/USD is neutral-biased, though tilted to the downside. It remains below the key 200-day moving average (DMA) at 1.2555, which delineates an asset's bullishness or bearishness. However, buyers are gathering momentum as the Relative Strength Index (RSI) punches above the 50-midline level.

With that context, if buyers achieve a daily close above the 200-DMA, that will expose the 1.2600 figure. Further upside is seen past the 50-DMA at 1.2621, followed by the 100-DMA at 1.2645. Once those levels are surpassed, the 1.2700 mark is up next.

Conversely, failure at the 200-DMA adds pressure on Sterling, which could drag the GBP/USD exchange rate beneath the 1.2500 mark. A breach of the latter will expose the April 24 low at 1.2422, followed by the April 22 low at 1.2299.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price	1.2532
Today Daily Change	0.0038
Today Daily Change %	0.30
Today daily open	1.2494

Trends
Daily SMA20	1.2517
Daily SMA50	1.2624
Daily SMA100	1.265
Daily SMA200	1.2557

Levels
Previous Daily High	1.2542
Previous Daily Low	1.2449
Previous Weekly High	1.2542
Previous Weekly Low	1.23
Previous Monthly High	1.2894
Previous Monthly Low	1.2575
Daily Fibonacci 38.2%	1.2485
Daily Fibonacci 61.8%	1.2507
Daily Pivot Point S1	1.2448
Daily Pivot Point S2	1.2402
Daily Pivot Point S3	1.2355
Daily Pivot Point R1	1.2541
Daily Pivot Point R2	1.2588
Daily Pivot Point R3	1.2633

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

GBP/USD flies to two-week highs, targets 1.3400

GBP/USD trades well above the 1.3300 barrier on Thursday as the Greenback comes under renewed selling pressure following a softer-than-expected US NFP report in June. Meanwhile, Cable extends its multi-day recovery and looks to challenge 1.3400 sooner rather than later.

EUR/USD climbs to multi-day highs near 1.1440

EUR/USD advances to the 1.1470 area, or multi-day peaks, on Thursday. The pair’s marked recovery comes in response to the broad US Dollar pullback, as investors continue to assess the latest NFP data and the persistent sell-off in USD/JPY.

Gold hits six-day tops past $4,100

Gold extends its bullish momentum on Thursday, climbing above the $4,100 mark per troy ounce to reach its highest level in a week. The precious metal’s sharp rebound comes as the US Dollar retreats following disappointing US NFP data.

Crypto Today: Bitcoin, Ethereum, XRP steady rebound as US and Iran conclude positive talks in Doha

The cryptocurrency market broadly rises on Thursday, reflecting improvement in risk sentiment following an extended period of selling pressure. Bitcoin is back above $60,000 after testing support at $58,000 earlier in the week.

The market may no longer be giving the Magnificent Seven a free pass

For much of the past three years, investing has felt surprisingly simple. Whenever markets stumbled, investors knew where to look. Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla repeatedly led Wall Street higher, shrugging off inflation fears, higher interest rates and geopolitical shocks.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.