GBP/USD has seen a jump above 1.2700 after softer US data, but the pair remains in a sideways movement. Key resistance levels are seen at 1.2761, 1.2800, and the year-to-date high near 1.2900, while support levels are at 1.2700, 1.2674, and the confluence of the May 3 high and 100-day moving average.
The British Pound has gained against the US Dollar by 0.29% as market participants responded positively to US data, causing a rise in GBP/USD above 1.2700. The Relative Strength Index (RSI) shows that buyers are in control, with the pair currently consolidating between 1.2670 and 1.2760. A bullish continuation would require a breach of 1.2760, leading to potential targets at 1.2800, 1.2893, and 1.2900. On the other hand, if bears take over, key support levels at 1.2700 and 1.2674 would come into play before the pair potentially falls to 1.2600.
The table below shows the percentage change of the British Pound against other major currencies, with GBP being strongest against the Japanese Yen today. The heatmap depicts the percentage changes in major currencies against each other, with the base currency selected from the left column and the quote currency chosen from the top row.
In conclusion, GBP/USD has shown a rise above 1.2700 driven by softer US data, with key resistance and support levels to watch out for in the near term. The technical outlook suggests a consolidation phase between 1.2670-1.2760, with bullish momentum favored if 1.2760 is cleared. The British Pound has performed strongly against the Japanese Yen today, as shown in the percentage change table. Overall, market participants will continue to monitor economic data releases and geopolitical developments to gauge the future direction of GBP/USD.
