GBP/USD Price Analysis: Rallies to near 3-week tops, around 1.2570 region

  • GBP/USD gained some strong intraday positive traction and surged through mid-1.2500s.
  • The bias has shifted back in favour of bulls and supports prospects for additional gains.

The GBP/USD pair continued scaling higher and shot to near three-week tops, levels beyond mid-1.2500s during the early North American session.

The early slide attracted some dip-buying near the 1.2460 region, a support marked by the 38.2% Fibonacci level of the 1.2813-1.2252 downfall. The strong intraday momentum took along some short-term trading stops near the key 1.2500 psychological mark.

A subsequent move lifted the pair beyond last week's swing high, around the 1.2530 region, which coincides with the 50% Fibo. level. Some follow-through buying now seems to have shifted the near-term bias back in favour of bulls and supports prospects for additional gains.

Bulls might now aim to test the 61.8% Fibo. level, around the 1.2600 mark, which if cleared decisively will negate any near-term bearish bias and set the stage for an extension of the ongoing appreciating move.

On the flip side, the 1.2530 region (50% Fibo. level) now seems to protect the immediate downside and is followed by the 1.2500 mark. Failure to defend the mentioned support levels might accelerate the slide back towards intraday lows support near the 1.2460 region.

GBP/USD 4-hourly chart


Technical levels to watch


Today last price 1.2569
Today Daily Change 0.0077
Today Daily Change % 0.62
Today daily open 1.2492
Daily SMA20 1.2495
Daily SMA50 1.2424
Daily SMA100 1.2451
Daily SMA200 1.2694
Previous Daily High 1.252
Previous Daily Low 1.2465
Previous Weekly High 1.253
Previous Weekly Low 1.2252
Previous Monthly High 1.2813
Previous Monthly Low 1.2252
Daily Fibonacci 38.2% 1.2499
Daily Fibonacci 61.8% 1.2486
Daily Pivot Point S1 1.2464
Daily Pivot Point S2 1.2437
Daily Pivot Point S3 1.2409
Daily Pivot Point R1 1.252
Daily Pivot Point R2 1.2548
Daily Pivot Point R3 1.2576



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 


GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.


Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News