GBP/USD maintained its upward momentum, reaching a high of 1.3052 on Tuesday, the highest level since July 2023. Despite a slight dip in the European session on Wednesday, the pair remains above the key 1.3000 level.
Euro Price This Week
The Euro has shown strength against major currencies this week, with the USD weakening across the board. Euro’s performance against USD, GBP, JPY, and other currencies is outlined in the table below.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.87% | -0.64% | -1.15% | -0.57% | -1.06% | -1.57% | -1.22% | |
| EUR | 0.87% | 0.15% | -0.24% | 0.32% | -0.28% | -0.87% | -0.38% | |
| GBP | 0.64% | -0.15% | -0.55% | 0.12% | -0.44% | -0.95% | -0.53% | |
| JPY | 1.15% | 0.24% | 0.55% | 0.51% | 0.04% | -0.33% | -0.22% | |
| CAD | 0.57% | -0.32% | -0.12% | -0.51% | -0.53% | -0.93% | -0.69% | |
| AUD | 1.06% | 0.28% | 0.44% | -0.04% | 0.53% | -0.44% | -0.10% | |
| NZD | 1.57% | 0.87% | 0.95% | 0.33% | 0.93% | 0.44% | 0.38% | |
| CHF | 1.22% | 0.38% | 0.53% | 0.22% | 0.69% | 0.10% | -0.38% |
On Wednesday, the US Dollar faced selling pressure, pushing GBP/USD higher. Despite mixed trading on Wall Street, falling US Treasury yields kept the USD on the defensive.
Looking ahead, the US Bureau of Labor Statistics will release the benchmark revision to Nonfarm Payrolls for the past year, which could impact the labor market outlook and USD demand. Additionally, the FOMC minutes from the recent policy meeting will be released, shedding light on discussions about potential rate cuts.
GBP/USD Technical Analysis
The RSI indicator suggests GBP/USD is overbought despite a pullback. Key support levels are at 1.3000 and 1.2980, while resistance levels are at 1.3045 and 1.3070.
Euro FAQs
For those interested in the Euro, here are some frequently asked questions about the currency, its performance, and factors influencing its value.
Understanding the current market dynamics, currency performance, and key economic indicators can help individuals make informed decisions about their investments and financial strategies. Stay updated with the latest news and analysis to navigate the ever-changing financial landscape effectively.