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27 May 2024
GBP/USD Price Analysis: Climbs towards 1.2800 as technicals suggest a pullback
- GBP/USD registers solid gains on Monday on thin volume.
- From a daily chart perspective, the major could challenge the YTD high and 1.2900.
- Short-term, as RSI is overbought, look for a pullback to 1.2750 and 1.2700.
The Pound Sterling climbed 0.30% against the Greenback on Monday amid thin liquidity conditions in observance of UK and US holidays. At the time of writing, the GBP/USD trades at 1.2772 after hitting a daily low of 1.2728.
GBP/USD Price Analysis: Technical outlook
The GBP/USD daily chart depicts the pair as upward biased, aimed to challenge the March 21 cycle high at 1.2803. If cleared on further strength, up next lies the year-to-date (YTD) high at 1.2894. Failure to do it, and sellers could keep the pair within the 1.2700 – 1.2800 range ahead of the release of the US Core Personal Consumer Expenditures Price Index (PCE) on Friday.
Shor-term, the GBP/USD has broken the latest cycle peak at 1.2761, exposing the resistance levels. Despite that, caution is warranted as momentum suggests that buying pressure could be fading as the Relative Strength Index (RSI) shifted overbought. In that event, sellers could step in once the RSI pierces below 70.
If the GBP/USD retreats below 1.2750, the next stop would be the current day’s low of 1.2728. Once cleared, the next stop would be the 1.2700 mark.
GBP/USD Price Action – Hourly 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 | -0.09% | -0.30% | -0.13% | -0.24% | -0.44% | -0.56% | -0.07% | |
| EUR | 0.09% | -0.23% | -0.02% | -0.15% | -0.41% | -0.56% | 0.05% | |
| GBP | 0.30% | 0.23% | 0.16% | 0.05% | -0.17% | -0.27% | 0.25% | |
| JPY | 0.13% | 0.02% | -0.16% | -0.16% | -0.34% | -0.37% | 0.02% | |
| CAD | 0.24% | 0.15% | -0.05% | 0.16% | -0.22% | -0.32% | 0.11% | |
| AUD | 0.44% | 0.41% | 0.17% | 0.34% | 0.22% | -0.07% | 0.42% | |
| NZD | 0.56% | 0.56% | 0.27% | 0.37% | 0.32% | 0.07% | 0.48% | |
| CHF | 0.07% | -0.05% | -0.25% | -0.02% | -0.11% | -0.42% | -0.48% |
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).