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The British pound has erased some of its previous losses against the US dollar before rising around 0.29%, as the GBP/USD currency pair has been aiming above the 1.2700 mark after bouncing off of a daily low of 1.2674. Data from the United States was celebrated by market participants and weighed on the safe-haven peers, like the greenback.
GBP/USD Price Analysis: Technical Outlook
The GBP/USD pair remains in consolidation, as it was stuck within the 1.2670-1.2760 area during the week, unable to decisively breach the range. Still, buyers seem to remain in charge, as depicted by the Relative Strength Index (RSI) standing in bullish territory, yet almost flat.For a bullish continuation, the major should clear the 1.2760 level, which would expose the 1.2800 figure. Further strength would pave the way to test a year-to-date high of 1.2893, followed by 1.2900.Conversely, if bears stepped in, they must clear the 1.2700 level and the May 23 low of 1.2674. In that event, the bulls’ next line of defense would be the confluence of the 100-day moving average (DMA) and the May 3 high-turned-support at 1.2634 before the GBP/USD currency pair tumbles to the 1.2600 mark.
GBP/USD Price Action – Daily Chart
GBP/USD Technical Levels
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