GBP/USD Price Analysis: Climbs towards 1.2800 as technicals suggest a pullback
27.05.2024, 14:47

GBP/USD Price Analysis: Climbs towards 1.2800 as technicals suggest a pullback

  • GBP/USD registers solid gains on Monday on thin volume.
  • From a daily chart perspective, the major could challenge the YTD high and 1.2900.
  • Short-term, as RSI is overbought, look for a pullback to 1.2750 and 1.2700.

The Pound Sterling climbed 0.30% against the Greenback on Monday amid thin liquidity conditions in observance of UK and US holidays. At the time of writing, the GBP/USD trades at 1.2772 after hitting a daily low of 1.2728.

GBP/USD Price Analysis: Technical outlook

The GBP/USD daily chart depicts the pair as upward biased, aimed to challenge the March 21 cycle high at 1.2803. If cleared on further strength, up next lies the year-to-date (YTD) high at 1.2894. Failure to do it, and sellers could keep the pair within the 1.2700 – 1.2800 range ahead of the release of the US Core Personal Consumer Expenditures Price Index (PCE) on Friday.

Shor-term, the GBP/USD has broken the latest cycle peak at 1.2761, exposing the resistance levels. Despite that, caution is warranted as momentum suggests that buying pressure could be fading as the Relative Strength Index (RSI) shifted overbought. In that event, sellers could step in once the RSI pierces below 70.

If the GBP/USD retreats below 1.2750, the next stop would be the current day’s low of 1.2728. Once cleared, the next stop would be the 1.2700 mark.

GBP/USD Price Action – Hourly Chart

GBP/USD

Overview
Today last price 1.2776
Today Daily Change 0.0038
Today Daily Change % 0.30
Today daily open 1.2738
 
Trends
Daily SMA20 1.2603
Daily SMA50 1.2581
Daily SMA100 1.2633
Daily SMA200 1.2541
 
Levels
Previous Daily High 1.2751
Previous Daily Low 1.2676
Previous Weekly High 1.2761
Previous Weekly Low 1.2676
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2722
Daily Fibonacci 61.8% 1.2705
Daily Pivot Point S1 1.2692
Daily Pivot Point S2 1.2646
Daily Pivot Point S3 1.2617
Daily Pivot Point R1 1.2767
Daily Pivot Point R2 1.2797
Daily Pivot Point R3 1.2842

 

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   -0.09% -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%
CAD 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 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).

 

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