GBP/USD Price Analysis: Soars as bulls set their sights at 1.3000
- GBP/USD rises, with eyes on the crucial 1.3000 mark.
- Bullish technical outlook continues; RSI suggests potential for more gains, nearing overbought territory.
- Support levels to watch if rejection happens: 1.2900, 1.2894 (March 8 peak), and 1.2860 (June 12 high).
The Pound Serling rallied sharply against the US Dollar on Friday, up by more than 0.50% even though US inflation data on the producer front was slightly higher than expected, contrary to consumer prices revealed on Thursday. The GBP/USD trades at 1.2981 after bouncing off daily lows of 1.2901.
GBP/USD Price Analysis: Technical outlook
The uptrend on the GBP/USD continues, as it hits a new year-to-date (YTD) high and targets last year’s July 27 high of 1.2995, which is an inch of the 1.3000 figure.
From a momentum standpoint, bulls are in charge. The Relative Strength Index (RSI), despite being at overbought conditions due to aggressive price action, hasn’t reached the most extreme level used by traders, 80. Hence, there is some room to spare, and the 1.3000 would be up for grabs.
A rejection at the 1.3000 mark could pave the way for range-bound trading within the 1.2900-1.3000 range. However, a fall below 1.2900 would lay the path to test the March 8 peak turned support at 1.2894, ahead of June 12’s high at 1.2860.
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 US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.31% | -0.55% | -0.66% | -0.04% | -0.37% | -0.39% | -0.18% | |
| EUR | 0.31% | -0.23% | -0.29% | 0.26% | -0.06% | -0.09% | 0.11% | |
| GBP | 0.55% | 0.23% | -0.06% | 0.49% | 0.16% | 0.13% | 0.33% | |
| JPY | 0.66% | 0.29% | 0.06% | 0.57% | 0.28% | 0.23% | 0.45% | |
| CAD | 0.04% | -0.26% | -0.49% | -0.57% | -0.32% | -0.36% | -0.16% | |
| AUD | 0.37% | 0.06% | -0.16% | -0.28% | 0.32% | -0.03% | 0.17% | |
| NZD | 0.39% | 0.09% | -0.13% | -0.23% | 0.36% | 0.03% | 0.21% | |
| CHF | 0.18% | -0.11% | -0.33% | -0.45% | 0.16% | -0.17% | -0.21% |
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
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
