GBP/USD Price Analysis: Rising towards 1.2700, the bulls’ year-to-date target high

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  • GBP/USD recovered from Thursday’s losses and reached a recent weekly high.
  • Technical forecasts point to a break of the 100-DMA and key resistance at 1.2631/34. Buyers are targeting 1.2803 and the year-to-date high of 1.2894, while a move below 1.2630 could expose 1.2500 and the 200-DMA at 1.2539.

The British pound is up 0.21% against the US dollar, although higher US Treasury yields did not support the dollar. At the time of writing, GBP/USD is trading at 1.2703 after rebounding from the intraday low of 1.2644.

GBP/USD Price Analysis: Technical Outlook

GBP/USD firmly broke the convergence of the 100-day moving average (DMA) and the May 3 high at 1.2631/34, sharpening the rally towards the 1.2690 area. However, it remains shy about retracing the psychological level of 1.2700, which, once achieved, would pave the way for breaking the year-to-date high.

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If buyers manage to regain the 1.2700 level, the next key levels to watch will be the March 21 high at 1.2803, followed by the year-to-date high at 1.2894.

Conversely, sellers would have an advantage if GBP/USD falls below 1.2630. This will immediately expose the 1.2500 level and the next move for the 200-DMA will be at 1.2539.

GBP/USD price action – daily chart

PRICE OF THE British Pound today

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

USD EUR GBP JPY BOOR 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%
BOOR 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 the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select British Pound from the left column and move along the horizontal line to US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

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