GBP/USD is a currency pair comprising the currency of the United Kingdom, the British pound sterling (symbol £, code GBP) and the United States dollar (symbol $, code USD). The exchange rate of the pair indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD trades at 1.5000, it means that 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market, which gives it sufficient liquidity.
Read this term has moved above the 61.8% move down from the 2021 high to the 2022 low. This level comes in at 1.2760 and is now a nearby support and a nearby risk for buyers. Stay up and buyers will have more control on the daily chart. Move lower and the bias tilts to a slight failure (more neutral on a failed breakout above 61.8%). A more conservative risk area for bulls would come between 1.2600 and 1.2680. This level is a swing area on the daily chart and also a retracement of the trend move higher from this week’s trading.

On the downside, more upside momentum would push traders towards the next most important target of 1.3000.

For now and for this week, the buyer has taken firm control and has also made several key breakouts that traders will now be looking for as key support.