Mon. May 20th, 2024

GBP/USD PRICE ANALYSIS: CLIMBS ABOVE 1.2500, WITH BULLS TARGETING 200-DMA, 29 April 2024

GBP/USD United Kingdom pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.GBP/USD pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.

GBP/USD rises, rebounding from 1.2474 amid rumors impacting the US Dollar.

  • Currently, GBP/USD tests the 200-day moving average at 1.2555, showing a neutral to slight bearish outlook.
  • Breaking above the 200-DMA may target 1.2600, with potential further gains to 1.2621 and 1.2645.
  • Failure to exceeded the 200-DMA could prompt a retest of the 1.2500 support.

The Pound Sterling advanced sharply against the US Dollar in early trading during Monday’s North American session after hitting a daily low of 1.2474. Rumors of an intervention by Japanese authorities to propel the Japanese Yen (JPY) weighed on the Greenback, which is tumbling against most G8 FX currencies. Therefore, the GBP/USD trades at 1.2534, gaining 0.36%.

GBP/USD Price Analysis:  Technical outlook

From a technical standpoint, the GBP/USD is neutral-biased, though tilted to the downside. It remains below the key 200-day moving average (DMA) at 1.2555, which delineates an asset’s bullishness or bearishness. However, buyers are gathering momentum as the Relative Strength Index (RSI) punches above the 50-midline level.

With that context, if buyers achieve a daily close above the 200-DMA, that will expose the 1.2600 figure. Further upside is seen past the 50-DMA at 1.2621, followed by the 100-DMA at 1.2645. Once those levels are surpassed, the 1.2700 mark is up next.

Conversely, failure at the 200-DMA adds pressure on Sterling, which could drag the GBP/USD exchange rate beneath the 1.2500 mark. A breach of the latter will expose the April 24 low at 1.2422, followed by the April 22 low at 1.2299.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price1.2532
Today Daily Change0.0038
Today Daily Change %0.30
Today daily open1.2494
Trends
Daily SMA201.2517
Daily SMA501.2624
Daily SMA1001.265
Daily SMA2001.2557
Levels
Previous Daily High1.2542
Previous Daily Low1.2449
Previous Weekly High1.2542
Previous Weekly Low1.23
Previous Monthly High1.2894
Previous Monthly Low1.2575
Daily Fibonacci 38.2%1.2485
Daily Fibonacci 61.8%1.2507
Daily Pivot Point S11.2448
Daily Pivot Point S21.2402
Daily Pivot Point S31.2355
Daily Pivot Point R11.2541
Daily Pivot Point R21.2588
Daily Pivot Point R31.2633

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