GBP/USD Price Analysis: Soars past 1.2900 as USD weakens on soft CPI
-
The
GBP/USD
climbs
sharply
as
US
inflation
disappoints;
UK
economy
exceeds
expectations. -
Technical
outlook
remains
bullish
with
RSI
near
overbought,
signaling
potential
for
further
gains. -
Key
resistance
levels:
1.2950,
1.2995,
and
1.3142;
support
at
1.2894,
1.2860,
and
1.2800
if
pullback
occurs.
The
Pound
Sterling
extended
its
gains
on
Thursday
following
better-than-expected
data
from
the
UK
as
the
economy
expanded
above
estimates.
US
inflation
missed
the
mark,
coming
softer
a
headwind
for
the
Greenback.
Therefore,
the
GBP/USD
trades
at
1.2927,
up
0.62%.
GBP/USD
Price
Analysis:
Technical
outlook
From
a
technical
standpoint,
the
GBP/USD
uptrend
remains
intact.
The
pair
hit
a
new
year-to-date
(YTD)
high
after
clearing
the
March
8
high
of
1.2894.
Momentum
favors
buyers
as
the
Relative
Strength
Index
(RSI)
stands
bullish,
slightly
beneath
overbought
conditions.
Therefore,
if
GBP/USD
pushes
above
1.2950,
that
could
pave
the
way
for
testing
the
July
27,
2023,
peak
of
1.2995,
ahead
of
testing
1.3000.
Further
upside
is
seen
once
cleared
on
July
14,
2023,
at
a
high
of
1.3142.
On
the
flip
side,
if
GBP/USD
tumbles
below
1.2900,
the
pair
could
be
set
for
a
pullback.
The
next
support
would
be
1.2894,
followed
by
the
June
12
high
turned
support
at
1.2860
and
the
1.2800
mark.
GBP/USD
Price
Action
–
Daily
Chart
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 | -0.45% | -0.58% | -1.95% | -0.08% | -0.54% | -0.59% | -0.67% | |
| EUR | 0.45% | -0.12% | -1.50% | 0.37% | -0.09% | -0.13% | -0.22% | |
| GBP | 0.58% | 0.12% | -1.39% | 0.50% | 0.03% | -0.02% | -0.09% | |
| JPY | 1.95% | 1.50% | 1.39% | 1.87% | 1.42% | 1.34% | 1.29% | |
| CAD | 0.08% | -0.37% | -0.50% | -1.87% | -0.48% | -0.51% | -0.59% | |
| AUD | 0.54% | 0.09% | -0.03% | -1.42% | 0.48% | -0.04% | -0.12% | |
| NZD | 0.59% | 0.13% | 0.02% | -1.34% | 0.51% | 0.04% | -0.07% | |
| CHF | 0.67% | 0.22% | 0.09% | -1.29% | 0.59% | 0.12% | 0.07% |
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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