• 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.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.07% -0.24% -0.06% -0.11% -0.18% -0.19% 0.07%
EUR 0.07%   -0.17% 0.05% -0.03% -0.09% -0.09% 0.16%
GBP 0.24% 0.17%   0.22% 0.15% 0.08% 0.06% 0.32%
JPY 0.06% -0.05% -0.22%   -0.09% -0.14% -0.17% 0.11%
CAD 0.11% 0.03% -0.15% 0.09%   -0.06% -0.07% 0.19%
AUD 0.18% 0.09% -0.08% 0.14% 0.06%   -0.01% 0.25%
NZD 0.19% 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).

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD rises toward 1.0950 amid intense USD selling

EUR/USD rises toward 1.0950 amid intense USD selling

EUR/USD is rising toward 1.0950 in Wednesday's European trading. The US Dollar resumes the downside amid heightened September Fed rate cut bets, supporting the pair. The focus remains on the mid-tier US data and Fedspeak 

EUR/USD News

GBP/USD scales fresh 2024 highs above 1.3000 after UK CPI data

GBP/USD scales fresh 2024 highs above 1.3000 after UK CPI data

GBP/USD trades above 1.3000, refreshing 2024 highs in the European session on Wednesday. The data from the UK showed that annual CPI inflation held steady at 2% in June. This reading alongside a broad US Dollar sell-off underpins the pair. 

GBP/USD News

USD/JPY tumbles to 156.00 amid risk-aversion, technical breakdown

USD/JPY tumbles to 156.00 amid risk-aversion, technical breakdown

USD/JPY is off the lows but under heavy selling pressure on the 156.00 level in European trading on Wednesday. Souring risk sentiment and a technical breakdown has fuelled the USD/JPY meltdown, as Japanese intervention risks loom. 

USD/JPY News

Gold rises on Kugler’s comments and Shanghai bets

Gold rises on Kugler’s comments and Shanghai bets

Gold is rising as expectations firm of falling interest rates in the US – a positive for the precious metal. Fed’s Adriana Kugler says a combination of falling inflation and weakening labor market could force rate cut “later this year”.

Gold News

Bitcoin surpasses $65,000 mark

Bitcoin surpasses $65,000 mark

Bitcoin closes above the daily resistance level of $64,900, with Ethereum and Ripple subsequently breaking through their resistance levels, indicating an emerging bullish trend.

Read more

Forex MAJORS

Cryptocurrencies

Signatures