- GBP/USD sees solid gains on Monday on airy volume.
- From a daily chart perspective, the main currency may break the year-to-date highs of 1.2900.
- In the brief term, due to the overbought RSI, a return to 1.2750 and 1.2700 should be expected.
Sterling rose 0.30% against the US dollar on Monday on tight liquidity conditions resulting from holiday celebrations in the UK and US. At the time of writing, GBP/USD is trading at 1.2772, having hit an intraday low of 1.2728.
GBP/USD Price Analysis: Technical Outlook
The GBP/USD daily chart shows the pair trending higher, aiming to break the March 21 cycle high at 1.2803. If it ends up strengthening further, the next upside would be a year-to-date (YTD) high of 1.2894. If they fail to do so, sellers will be able to hold the pair in the 1.2700-1.2800 range ahead of the release of the US Personal Consumer Expenditures (PCE) Core Price Index on Friday.
In the brief term, GBP/USD has broken through the recent cycle high at 1.2761, exposing resistance levels. Still, caution is warranted as momentum suggests buying pressure may ease as the Relative Strength Index (RSI) moves into overbought territory. In this case, sellers could step in when the RSI crosses the 70 level.
If GBP/USD falls below 1.2750, today’s low at 1.2728 will be the next stop. Once clear, the next stop will be the 1.2700 mark.
GBP/USD Price Action – Hourly 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 US dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.09% | -0.30% | -0.13% | -0.24% | -0.44% | -0.56% | -0.07% | |
| EUR | 0.09% | -0.23% | -0.02% | -0.15% | -0.41% | -0.56% | 0.05% | |
| GBP | 0.30% | 0.23% | 0.16% | 0.05% | -0.17% | -0.27% | 0.25% | |
| JPY | 0.13% | 0.02% | -0.16% | -0.16% | -0.34% | -0.37% | 0.02% | |
| BOOR | 0.24% | 0.15% | -0.05% | 0.16% | -0.22% | -0.32% | 0.11% | |
| AUD | 0.44% | 0.41% | 0.17% | 0.34% | 0.22% | -0.07% | 0.42% | |
| NZD | 0.56% | 0.56% | 0.27% | 0.37% | 0.32% | 0.07% | 0.48% | |
| CHF | 0.07% | -0.05% | -0.25% | -0.02% | -0.11% | -0.42% | -0.48% |
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).
