The GBP/USD pair has seen a rise, with a focus on the key 1.3000 level. The technical outlook remains bullish, with the RSI indicating potential for further gains, approaching overbought territory. In case of a rejection, support levels to monitor include 1.2900, 1.2894 (March 8 peak), and 1.2860 (June 12 high).
The British Pound Sterling showed strong gains against the US Dollar on Friday, climbing over 0.50% despite slightly higher than expected US producer inflation data. The GBP/USD is currently trading at 1.2981 after bouncing back from daily lows of 1.2901.
The uptrend for GBP/USD continues, reaching a new year-to-date high and aiming for last year’s July 27 peak of 1.2995, just shy of the 1.3000 mark. Bulls remain in control from a momentum perspective, with the RSI signaling overbought conditions but still having room for further upside towards 1.3000.
If a rejection occurs at 1.3000, a potential range-bound trading scenario within the 1.2900-1.3000 range could emerge. A drop below 1.2900 could lead to a test of support levels at 1.2894 (March 8 peak) and 1.2860 (June 12 high).
Overall, the GBP/USD pair is showing strength, with a positive technical outlook and potential for further gains as it approaches the crucial 1.3000 level.