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GBP/USD Price Analysis: Rallies toward 1.2700, bulls’ target YTD high

  • GBP/USD reversed Thursday’s losses and hit new weekly high.
  • Technical outlook shows a breach of the 100-DMA and key resistance at 1.2631/34.Buyers aim for 1.2803 and YTD high at 1.2894, while a dip below 1.2630 could expose 1.2500 and 200-DMA at 1.2539.

The British Pound registers gains of 0.21% against the US Dollar, although higher US Treasury yields failed to underpin the Greenback. At the time of writing, the GBP/USD pair trades at 1.2703 after bouncing off a daily low of 1.2644.

GBP/USD Price Analysis: Technical outlook

The GBP/USD has decisively breached the confluence of the 100-day moving average (DMA) and the May 3 high of 1.2631/34, which exacerbated the rally toward the 1.2690ish region. However, it remains shy of reclaiming the psychological 1.2700, which, once done, would pave the way to challenging the year-to-date (YTD) high.

If the buyers manage to reclaim 1.2700, the next key levels to watch out for would be the March 21 high of 1.2803, followed by the YTD high at 1.2894.

Conversely, sellers would have the upper hand if GBP/USD dives beneath 1.2630. That will immediately expose 1.2500, with the 200-DMA up next at 1.2539.

GBP/USD Price Action – Daily Chart

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Swiss Franc.

 USDEURGBPJPYCADAUDNZDCHF
USD -0.07%-0.24%-0.06%-0.11%-0.18%-0.19%0.07%
EUR0.07% -0.17%0.05%-0.03%-0.09%-0.09%0.16%
GBP0.24%0.17% 0.22%0.15%0.08%0.06%0.32%
JPY0.06%-0.05%-0.22% -0.09%-0.14%-0.17%0.11%
CAD0.11%0.03%-0.15%0.09% -0.06%-0.07%0.19%
AUD0.18%0.09%-0.08%0.14%0.06% -0.01%0.25%
NZD0.19%0.09%-0.06%0.17%0.07%0.01% 0.27%
CHF-0.07%-0.16%-0.32%-0.11%-0.19%-0.25%-0.27% 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

Author

Christian Borjon Valencia

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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