The Pound Sterling erased Wednesday’s gains against the US Dollar as investors pushed the major to new weekly highs on the disinflation evolution in the United States (US).
GBP/USD pullbacks from weekly highs, down 0.25%, after testing 1.2700. Momentum remains bullish, with potential to test 1.2803 and YTD high at 1.2893. Further retracement could challenge support at 1.2634/31 and 50-DMA at 1.2594. The Pound Sterling erased Wednesday’s gains against the US Dollar as investors pushed the major to new weekly highs on the disinflation evolution in the United States .
If buyers manage to reclaim 1.2709, this could potentially open the door for testing 1.2803, the March 21 high, and even the year-to-date high of 1.2893. On the other hand, a continuation of the retracement witnessed on Thursday could set the scenario to challenge the confluence of the May 3 high and the 100-day moving average at around 1.2634/31 before diving toward the 50-DMA at 1.2594. GBP/USD Price Action – Daily Chart GBP/USD Overview Today last price 1.2661 Today Daily Change -0.
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