By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Analysis of GBP/USD Price: Rallying towards 1.2700, bulls aim for year-to-date high
Share
Notification Show More
Latest News
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Analysis of GBP/USD Price: Rallying towards 1.2700, bulls aim for year-to-date high
Forex

Analysis of GBP/USD Price: Rallying towards 1.2700, bulls aim for year-to-date high

News Room
Last updated: 2024/05/17 at 5:50 PM
News Room
Share
3 Min Read
SHARE

The GBP/USD pair has reversed Thursday’s losses and reached a new weekly high, showing a technical breach of the 100-DMA and key resistance levels at 1.2631/34. Buyers are aiming for further gains towards 1.2803 and the year-to-date high at 1.2894. On the other hand, a dip below 1.2630 could expose support levels at 1.2500 and the 200-DMA at 1.2539. The British Pound has gained 0.21% against the US Dollar, despite higher US Treasury yields not supporting the Greenback. As of the latest update, the GBP/USD pair is trading at 1.2703 after rebounding from a daily low of 1.2644.

In terms of technical analysis, the GBP/USD has decisively breached the confluence of the 100-day moving average (DMA) and the May 3 high of 1.2631/34, leading to a rally towards the 1.2690ish region. However, the pair still needs to surpass the psychological level of 1.2700 to pave the way for a challenge of the year-to-date high. If buyers succeed in reclaiming 1.2700, the next key resistance levels to watch out for are the March 21 high of 1.2803 and the YTD high at 1.2894. Conversely, a drop below 1.2630 could give sellers the upper hand, with support levels at 1.2500 and the 200-DMA at 1.2539 coming into play.

The British Pound exhibited strength against the Swiss Franc, as indicated in the table showing the percentage change of the GBP against various major currencies. Despite a slight decline in the USD, EUR, JPY, CAD, AUD, and NZD, the GBP showed gains against the majority of these currencies. The heat map displayed in the content illustrates the percentage changes of major currencies against each other, with the British Pound performing well against various pairs.

Overall, the GBP/USD pair has shown resilience and gained ground in the face of higher US Treasury yields, with technical indicators pointing towards further upside potential. Traders and investors will closely monitor key resistance levels at 1.2700, 1.2803, and 1.2894, as well as support levels at 1.2630, 1.2500, and 1.2539. The British Pound’s strength against other major currencies, particularly the Swiss Franc, underscores its positive performance in the current market environment. As the market continues to evolve, market participants will continue to assess the impact of economic data releases and geopolitical developments on the GBP/USD pair’s price action.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room May 17, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatar participates in the ‘Russia-Islamic World: Kazan Forum 2024’
Next Article Nigerian authorities deny bail to Binance executive Tigran Gambaryan who is detained
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?