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GBP/USD approaches 1.2985, close to a 12-month high of 1.2995, propelled by strong bullish momentum. Resistance levels identified at 1.2995-1.3000, 1.3041 (July 19 high), and 1.3126 (July 18 peak). Support levels to monitor for potential reversals: 1.2901 (July 12 low), 1.2860 (June 12 peak), 1.2779 (July 10 low). The Pound Sterling resumes its rally as the North American session begins. It faded earlier US Dollar strength, spurred by a shooting at former US President Donald Trump’s rally in Pennsylvania, which triggered a flight to safety. The GBP/USD trades at 1.2985 and gains 0.24%. GBP/USD Price Analysis: Technical outlook Following last week’s three-day advance since Wednesday, the 1.3000 figure is up for grabs, with the GBP/USD trading near a 12-month high yet shy of the July 27, 2023, high of 1.2995. Momentum remains bullish, though it has shifted overbought, but due to the strength of the uptrend, some traders see the 80 level as the most extreme. Therefore, the GBP/USD next resistance would be 1.2995-1.3000. Once that level is cleared, the next stop would be July 19, 2023, high at 1.3041, before testing the July 18, 2023, peak of 1.3126. Up next would be last year’s high at 1.3142. Conversely, if GBP/USD sellers stepped in, they must push prices below the July 12 low of 1.2901. In the event of a reversal, the next stop would be the June 12 peak turned support at 1.2860 before slumping to the July 10 low of 1.2779. GBP/USD Price Action – Daily Chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to…

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Filed under: News - @ July 15, 2024 11:14 pm