GBP/USD PRICE ANALYSIS: SURGES ABOVE 1.3000 POST UK INFLATION DATA
- GBP/USD breaches 1.3000 for the first time since July 2023.
- RSI indicates strong bullish momentum, with potential targets at 1.3050 and 1.3100.
- Key supports at 1.2894 and 1.2860 if a pullback occurs below the psychological 1.3000 level.
The Pound Sterling has climbed sharply, breached the 1.3000 figure for the first time since July 19, 2023, and exchanged hands at 1.3020 above its opening price by 0.36%, following a mixed inflation report in the UK.
GBP/USD Price Analysis: Technical outlook
The GBP/USD uptrend is set to continue if Federal Reserve officials' rhetoric turns more dovish as policymakers eye the first rate cut. Bullish momentum accelerated, as depicted by the Relative Strength Index (RSI), which, despite being overbought above 70, due to the trend's strength, most traders see the 80 level as the most extreme condition.
If GBP/USD clears the psychological figure of 1.3050, buyers could target the 1.3100 mark. They can further challenge key supply zones overhead, with the July 18, 2023, peak at 1.3125, ahead of last year’s high at 1.3142.
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