Select Language

GBP/USD Price Analysis: Pushes above 1.2700 as bulls remain in charge

Breaking news

GBP/USD Price Analysis: Pushes above 1.2700 as bulls remain in charge

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.05.20 23:33
GBP/USD Price Analysis: Pushes above 1.2700 as bulls remain in charge

update 2024.05.20 23:33

  • GBP/USD extends its gains to two straight days, climbing above 1.2700.
  • Despite remaining bullish, bears loom as daily close below 1.2700 could reignite selling pressure.
  • Buyers are in charge, and need the GBP/USD staying above 1.2700, to challenge 1.2800 near term.

The Pound Sterling begins the week solidly against the US Dollar, registering modest gains of 0.04% after hitting a daily low of 1.2681. At the time of writing, the GBP/USD trades at 1.2703.

GBP/USD Price Analysis: Technical outlook

Last week, the GBP/USD edged toward the current exchange rate, clearing stir resistance levels like the 50 and 100-day moving averages (DMAs), which opened the door for further gains. Although momentum backs buyers, as depicted by the Relative Strength Index (RSI), downside risks remain.

For a bullish continuation, the GBP/USD must remain above 1.2700. In that event, the first resistance would be the March 21 cycle high at 1.2803. Once surpassed, sellers' next line of defense would be the year-to-date (YTD) high at 1.2893, ahead of 1.2900, followed by the psychological 1.3000 mark.

Conversely, if sellers drag the GBP/USD spot price below 1.2700, that could exacerbate a retest of the confluence of the 100-DMA and the May 3 high at 1.2634. Further losses lie below the latter, which would expose 1.2594 and the 50-DMA at 1.2584 before dipping to the 200-DMA at 1.2539.

GBP/USD Price Action - Daily Chart

GBP/USD

Overview
Today last price 1.2708
Today Daily Change 0.0007
Today Daily Change % 0.06
Today daily open 1.2701
 
Trends
Daily SMA20 1.2538
Daily SMA50 1.2588
Daily SMA100 1.2632
Daily SMA200 1.2541
 
Levels
Previous Daily High 1.2712
Previous Daily Low 1.2645
Previous Weekly High 1.2712
Previous Weekly Low 1.2509
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2686
Daily Fibonacci 61.8% 1.2671
Daily Pivot Point S1 1.266
Daily Pivot Point S2 1.2619
Daily Pivot Point S3 1.2593
Daily Pivot Point R1 1.2727
Daily Pivot Point R2 1.2753
Daily Pivot Point R3 1.2794

 

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 New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.00% -0.06% 0.33% -0.10% 0.22% 0.31% -0.07%
EUR -0.01%   -0.10% 0.36% -0.10% 0.25% 0.30% -0.07%
GBP 0.06% 0.10%   0.32% 0.00% 0.34% 0.39% 0.02%
JPY -0.33% -0.36% -0.32%   -0.45% -0.10% -0.01% -0.39%
CAD 0.10% 0.10% 0.00% 0.45%   0.28% 0.41% 0.03%
AUD -0.22% -0.25% -0.34% 0.10% -0.28%   0.05% -0.32%
NZD -0.31% -0.30% -0.39% 0.00% -0.41% -0.05%   -0.38%
CHF 0.07% 0.07% -0.02% 0.39% -0.03% 0.32% 0.38%  

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).

 


Date

Created

 : 2024.05.20

Update

Last updated

 : 2024.05.20

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

Canadian Dollar in a holding pattern as markets await meaningful data

The Canadian Dollar (CAD) is trading tightly on Monday, with gains and losses mixed across the board and within a quarter of a percent against most of its major currency peers.
New
update2024.06.18 01:49

US Dollar rally tempered to start week, gains expected to continue

On Monday, the US Dollar Index (DXY) experienced some pullback but maintained overall strength.
New
update2024.06.18 01:49

USD stands strong amid increasing net long positions - Rabobank

The US Dollar (USD) and the Pound Sterling (GBP) gain momentum while the Euro (EUR) and the Japanese Yen (JPY) lose track, strategists at Rabobank note.
New
update2024.06.18 00:51

Japanese Yen weakens against USD amid tepid real wages, imported inflation

The Japanese Yen (JPY) trades lower by about a third of a percent against the US Dollar (USD), in the 157.80s on Monday, as the outlook for interest rates in the US remains elevated despite lower inflation and economic sentiment readings.
New
update2024.06.18 00:51

EUR keeps afloat amid ECB comments - Scotiabank

European Central Bank (ECB) policymakers indicated that the French situation is "contained", allowing the Euro (EUR) to float above 1.07, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2024.06.18 00:49

USD wins when carry meets politics - TDS

Global carry trade withers away leaving markets cling to the US Dollar as the best hedge to rising risks, TDS strategists note.
New
update2024.06.18 00:25

GBP/USD Price Analysis: Creeps lower, remains below 1.2700

The Pound Sterling extended its losses versus the Greenback on Monday, losses of some 0.06% as traders remain risk averse due to European political uncertainty.
New
update2024.06.18 00:10

US core services inflation remains above 5% for 24th consecutive month - NBC

Global financial markets cheered last week's weaker-than-expected US CPI data for May, with both the headline (+0.0%) and core (+0.2%) measures coming in a tick below consensus expectations, National Bank of Canada (NBC) strategists Stéfane Marion and Jocelyn Paquet note.
New
update2024.06.18 00:09

Post-OPEC+ oil price recovery fades away - TDS

Crude Oil's recovery could start to fade as upside momentum eases, TDS Senior Commodity Strategist Ryan McKay notes.
New
update2024.06.17 23:55

Precious metals start the week trading weaker - TDS

Gold (XAU/USD) faces some Commodity Trading Advisor (CTA) selling amid the back-and-forth price action, but the latest Federal Reserve (Fed) meeting generated some demand for the Yellow Metal, Ryan McKay, Senior Commodity Strategist, notes.
New
update2024.06.17 23:40

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel