GBP/USD has reached its highest level since mid-July above 1.3000, closing the third consecutive trading day in positive territory. However, the short-term technical picture indicates that the pair remains overbought and could correct lower if it fails to stabilize above 1.3000.
British Pound PRICE This week
The table below displays the percentage change of the British Pound (GBP) against major currencies this week, with GBP being the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.55% | -0.49% | -0.98% | -0.47% | -0.86% | -1.48% | -0.69% | |
| EUR | 0.55% | -0.02% | -0.37% | 0.08% | -0.40% | -1.10% | -0.20% | |
| GBP | 0.49% | 0.02% | -0.53% | 0.06% | -0.40% | -1.02% | -0.18% | |
| JPY | 0.98% | 0.37% | 0.53% | 0.43% | 0.06% | -0.41% | 0.10% | |
| CAD | 0.47% | -0.08% | -0.06% | -0.43% | -0.42% | -0.93% | -0.29% | |
| AUD | 0.86% | 0.40% | 0.40% | -0.06% | 0.42% | -0.54% | 0.21% | |
| NZD | 1.48% | 1.10% | 1.02% | 0.41% | 0.93% | 0.54% | 0.78% | |
| CHF | 0.69% | 0.20% | 0.18% | -0.10% | 0.29% | -0.21% | -0.78% |
The RSI indicator on the 4-hour chart suggests that GBP/USD is overbought, with support levels at 1.2950 and 1.2900 in case of a correction. Resistance levels are at 1.3045 and 1.3100.
Analysis and Conclusion
GBP/USD has surged to its highest level in recent months, showing signs of being overbought. Traders should monitor the support and resistance levels mentioned above to navigate potential corrections or further gains. The currency pair’s movement is influenced by market sentiment and upcoming speeches from Federal Reserve officials, which could impact the USD’s valuation. Understanding these technical and fundamental factors can help traders make informed decisions in the forex market.