- GBP/USD edges higher on soft US Dollar, climbs above 200-DMA.
- If buyers reclaim 1.2600, look for a test of 1.2700 in the near term.
- Once the pair tumbles below 1.2500, look for a drop toward 1.2445 and 1.2299.
The British Pound Sterling has recently shown strength against the US Dollar, moving above the 200-day moving average of 1.2541 during early trading in the North American session. Currently, the GBP/USD exchange rate stands at 1.2566, marking an increase of 0.36%.
GBP/USD Price Analysis: Technical Perspective
Currently, the trading outlook for GBP/USD presents a neutral stance, with unclear directional momentum. The pair struggles to maintain a sustained upward trajectory beyond the recent high of May 3 at 1.2634. If it succeeds in surpassing this level, it may initiate a rally toward the high of April 9 at 1.2709, potentially reaching the key psychological level of 1.2800.
Conversely, a shift to a bearish trend could occur if sellers take control and push the rate below the 200-day moving average and the critical support level of 1.2500. Should these levels be breached, the next notable support is found at 1.2445, the low recorded on May 9, followed by the low of April 22 at 1.2299.
