The Pound Sterling saw a significant increase in value against the US Dollar as a result of positive data from the UK and disappointing US inflation numbers. This led to the GBP/USD pair trading at 1.2927, showing a 0.62% increase.
Looking at the technical analysis, the GBP/USD uptrend remains strong, with the pair hitting a new year-to-date high after surpassing the previous high of 1.2894. The Relative Strength Index (RSI) is in a bullish position, indicating the potential for further gains.
If the GBP/USD pair manages to break above the resistance level of 1.2950, it could open the door for testing higher levels such as 1.2995 and even 1.3000. A further upward movement could lead to a test of the high of 1.3142 reached on July 14, 2023.
On the other hand, if the pair falls below the 1.2900 support level, a pullback may occur. In this scenario, the next support levels to watch are at 1.2894, 1.2860, and 1.2800.
In terms of the British Pound’s performance against other major currencies, the table provided shows the percentage change for today. The Pound was particularly strong against the US Dollar compared to other currencies.
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Overall, the GBP/USD pair has shown bullish momentum, driven by positive economic data from the UK and weaker US inflation figures. Traders will be closely watching key resistance and support levels for potential trading opportunities in the near future.
