- GBP/USD gains momentum to near 1.3270 in Thursday’s early European session.
- The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
- The immediate resistance level emerges at 1.3424; the first support level to watch is 1.3200.
The GBP/USD pair drifts higher to around 1.3270, snapping the two-day losing streak during the early European trading hours on Thursday. Mitigating concerns over potential tariff threats by US President Donald Trump exerts some selling pressure on the US Dollar (USD).
Technically, the constructive outlook of GBP/USD remains in place as the major pair is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline near 63.10, displaying bullish momentum in the near term.
The first upside target for GBP/USD emerges at 1.3424, the high of April 22. Extended gains could see a rally to 1.3475, the upper boundary of the Bollinger Band. The additional upside filter to watch is 1.3638, the high of February 17, 2022.
On the bearish side, the 1.3200 psychological level acts as an initial support level for the major pair. Sustained trading below the mentioned level could see a drop to the next contention level at 1.2949, the low of March 26. The next downside target to watch is 1.2837, the 100-day EMA.
GBP/USD daily chart
