GBPUSD accelerated to the upside this past week

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GBPUSD accelerated to the upside this past week, briefly reaching its highest level in nearly two months at one point before the weekend. If the rally continues and gains momentum in the coming sessions, resistance is likely to appear at 1.2720, the 61.8% Fibonacci retracement of the 2023 decline. Further strength could then direct focus toward the 1.2800 mark.

On the flip side, if the upward impetus fades and sellers regain control of the market, confluence support extending from 1.2615 to 1.2585 could offer stability in case of a pullback. If tested, traders should watch closely for price reaction, keeping in mind that a breakdown could give way to a move towards the 200-day simple moving average hovering around 1.2540.

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GBPUSD surpasses 1.2750 after UK CPI data turned hotter than expected

GBP/USD rose nearly 0.3% above the 1.2750 mark, its highest since March, after UK April CPI data came in higher than expected. Currently GBP/USD is trading around 1.2749, investors are aiming for 1.2790 and 1.2800.

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GBP/USD tetap menguat karena para pedagang meredam ekspektasi Bank of England (BoE) yang akan menormalisasi kebijakan pada pertemuan bulan Juni setelah mempertahankan sikap hawkish terhadap suku bunga selama lebih dari dua tahun.

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From a technical perspective, GBP/USD is receiving significant support around 1.2670, corresponding to the 50 EMA and close to the 38.2% Fibonacci retracement threshold of the uptrend from April. Further down will be the 1.2600 area, corresponding with the 200 EMA and the 50% Fibonacci retracement level.

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Since touching the support area of ​​1.2600, corresponding to the 38.2% Fibonacci threshold calculated based on the increase from April, GBP/USD has continuously increased to near the peak of June, and at the same time entered the strong resistance area of ​​1.2800-1.2900. Therefore, the increased selling pressure is quite understandable.

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Although the monetary policy differences between the US Federal Reserve (Fed) and the Bank of England (BoE) are still the main factor creating fluctuations in GBP/USD, the return of the USD on a large scale due to risk aversion has ruined the "party" of the British pound.

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GBPUSD hit a yearly high of 1.3429 during the Asian session before turning lower. The subsequent decline took the pair back to support at 1.3358. GBPUSD is trading around 1.3385. Resistance is at 1.3411.

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During the European session on Thursday, GBP/USD rebounded to around 1.2935, recovering impressively from the 11-week bottom at 1.2830 set the previous day.