The GBP/USD pair strengthened to around 1.3290 during the early European session on Monday (05/05). The US dollar (USD) weakened against the British pound (GBP) amid rising economic uncertainties following US President Donald Trump's erratic trade policies.
According to the daily chart, the bullish outlook for GBP/USD remains intact, as the price is holding above the key 100-day Exponential Moving Average (EMA). The upside momentum is supported by the 14-day Relative Strength Index (RSI), which is above the midline near 55.60, indicating the path of least resistance is to the upside.
The immediate resistance level comes in at 1.3445, the high on April 28. A sustained rise could lead to a rally to 1.3580, the upper boundary of the Bollinger Band. Further north, the next hurdle lies at 1.3642, the high on February 18, 2022.
On the other hand, the April 23 low of 1.3234 acts as an initial support level for the major. The key resistance level to watch is the psychological 1.3000 level. Additional downside filters are seen at 1.2905, the 100-day EMA, followed by 1.2870, the lower boundary of the Bollinger Band.(Newsmaker23)
Source: FXstreet
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