• GBP/USD climbs past 100-DMA, with buyers gaining traction.
  • Buying interest remains strong, as RSI points upwards, yet to become overbought.
  • Key resistance lies at 1.2670, which would exacerbate followed by 1.2700.
  • Sellers target a close below the 100-DMA to challenge 1.2600.

The Pound Sterling advanced some 0.30% and hit a five-week high of 1.2670 following the release of the US Consumer Price Index (CPI). The data was mostly aligned with estimates, showing a continuation of the disinflation process, which weighed on the Greenback. The GBP/USD trades at 1.2641 at the time of writing.

GBP/USD Price Analysis: Technical outlook

The GBP/USD remains neutral to upward bias and hit a weekly high at 1.2670 following a soft US inflation report. However, the pair has retreated toward the 100-day moving average (DMA) at 1.2632, seen as the next key technical level that, once surpassed, could pave the way for further gains.

The Relative Strength Index (RSI) shows that momentum favors buyers. The RSI aims upward with enough room before portraying overbought conditions.

If buyers reclaim the 100-DMA, the next resistance would be today’s high at 1.2670. A breach of the latter will expose the April 9 high at 1.2709, ahead of rallying to the next supply zone at 1.2803, the March 21 high. Once surpassed, the next stop would be the year-to-date (YTD) high at 1.2894.

Conversely, sellers remain hopeful that the GBP/USD exchange rate could tumble below the 100-DMA and achieve a daily close below that level, to challenge 1.2600. Once cleared, the next stop would be the 50-DMa at 1.2591, followed by the 200-DMA at 1.2539.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2632
Today Daily Change 0.0040
Today Daily Change % 0.32
Today daily open 1.2592
 
Trends
Daily SMA20 1.2498
Daily SMA50 1.2594
Daily SMA100 1.2634
Daily SMA200 1.2541
 
Levels
Previous Daily High 1.2593
Previous Daily Low 1.2509
Previous Weekly High 1.2594
Previous Weekly Low 1.2446
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2561
Daily Fibonacci 61.8% 1.2541
Daily Pivot Point S1 1.2537
Daily Pivot Point S2 1.2481
Daily Pivot Point S3 1.2453
Daily Pivot Point R1 1.262
Daily Pivot Point R2 1.2648
Daily Pivot Point R3 1.2704

 

 

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