GBP/USD Price Analysis: Climbs to 11-month highs, as buyers eye 1.2600

The GBP/USD bounced off daily lows at 1.2446 and reclaimed 1.2500.
GBP/USD Price Analysis: Bullish above 1.2500, with buyers eyeing the 200-week EMA above 1.2800.

Christian Borjon Valencia FXStreet

The GBP/USD soared to fresh YTD highs at 1.2583 despite fundamental news from the United States (US) increasing the likelihood of a Federal Reserve 25 bps rate hike. Therefore, the GBP/USD is trading at 1.2571, above its opening price by 0.61%.

GBP/USD Price Action

The GBP/USD daily chart remains upward-biased from a technical perspective. After dipping to the 20-day EMA at 1.2477, the GBP/USD surged past the 1.2500 mark, despite the US Dollar (USD) strengthening after high inflation data.

The Relative Strength Index (RSI) indicator is still in bullish territory and aims higher, justifying higher GBP/USD prices. If GBP/USD cracks the 1.2600 figure, it would be cheered by buyers, which will set their eyes on the 200-week EMA at 1.2817.

Conversely, if the GBP/USD tumbles below 1.2500, that will expose the 20-day EMA at 1.2427, followed by 1.2400. A breach of the latter will expose the 50-day EMA at 1.2315, followed by the 1.2300 figure ahead of the confluence of the 200/100-day EMAs, each at 1.2188/1.2203, respectively.

GBP/USD Daily Chart

GBP/USD

Overview
Today last price	1.257
Today Daily Change	0.0073
Today Daily Change %	0.58
Today daily open	1.2497

Trends
Daily SMA20	1.2439
Daily SMA50	1.224
Daily SMA100	1.2209
Daily SMA200	1.1937

Levels
Previous Daily High	1.25
Previous Daily Low	1.2436
Previous Weekly High	1.2474
Previous Weekly Low	1.2354
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2476
Daily Fibonacci 61.8%	1.2461
Daily Pivot Point S1	1.2456
Daily Pivot Point S2	1.2414
Daily Pivot Point S3	1.2392
Daily Pivot Point R1	1.2519
Daily Pivot Point R2	1.2541
Daily Pivot Point R3	1.2583

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.

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