GBP/USD rallied close to 0.50% on the day, pushing to its highest level since May 12 and clearing the 50% retracement of the 2026 trading range near 1.3503. The pair now trades at 1.3561, with the next upside target sitting at the 61.8% retracement near 1.3589.
GBP/USD is pushing sharply higher, up close to 0.50% on the day, with the rally taking the pair to its highest level since May 12.
From a technical analysis perspective, buyers have checked several important boxes on the way higher. The price has moved above its 100-hour moving average and the 50% retracement of the 2026 trading range at 1.3503. It has also cleared the July high at 1.35573.
The pair has also broken above a key swing area between 1.3543 and 1.3557 on the 4-hour chart, which now becomes important support. For buyers looking for the move to continue, staying above 1.3543 is the close risk level; a move back below would raise concerns about a failed breakout and could lead to some disappointment selling. As long as the price holds above that level, buyers remain firmly in control.
Looking ahead, the next key target is the 61.8% retracement of the 2026 trading range at 1.3589. A break above that level would open the door toward the April highs near 1.3657. For perspective, there is still considerable room before the pair challenges its 2026 high at 1.38671, reached in January.
Source: Investinglive RSS Breaking News Feed
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