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.
