GBP/USD Price Analysis: Stays bullish, climbs to four-day high

GBP/USD climbs to 1.2772, close to a four-day high of 1.2784.
Technical outlook shows upward bias with RSI pointing higher but not yet overbought.
Key resistance at 1.2800; surpassing it could lead to YTD high of 1.2893, while support lies at 1.2643 and 1.2600.

Christian Borjon Valencia FXStreet

The British Pound rallied for the third straight day against the US Dollar, gaining some 0.37% in early trading during the North American session. The GBP/USD exchanged hands at 1.2785, shy of a four-day high of 1.2787 reached during the European session.

GBP/USD Price Analysis: Technical outlook

From a daily chart perspective, the GBP/USD is upward biased as buyers gain momentum, reflected on the Relative Strength Index (RSI). The RSI aims upwards yet with a room before turning overbought.

That said, buyers need to clear the conglomeration of technical levels, with the 1.2800 figure and a downslope resistance trendline passing around that area. Once surpassed, the next stop would be the year-to-date (YTD) high of 1.2893, which is shy of 1.2900.

On the other hand, if GBP/USD tumbles below 1.2700, that could sponsor a leg down toward the confluence of the May 3 high turned support and the 100-day moving average (DMA) at around 1.2643. Further losses lie at 1.2600.

GBP/USD Price Action - Daily Chart

GBP/USD

Overview
Today last price	1.2788
Today Daily Change	0.0046
Today Daily Change %	0.36
Today daily open	1.2742

Trends
Daily SMA20	1.2655
Daily SMA50	1.2585
Daily SMA100	1.2634
Daily SMA200	1.2542

Levels
Previous Daily High	1.2766
Previous Daily Low	1.27
Previous Weekly High	1.2801
Previous Weekly Low	1.2681
Previous Monthly High	1.2801
Previous Monthly Low	1.2446
Daily Fibonacci 38.2%	1.2741
Daily Fibonacci 61.8%	1.2726
Daily Pivot Point S1	1.2706
Daily Pivot Point S2	1.2671
Daily Pivot Point S3	1.2641
Daily Pivot Point R1	1.2772
Daily Pivot Point R2	1.2802
Daily Pivot Point R3	1.2838

Author

Christian Borjon Valencia

FXStreet

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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