Technical Analysis

The GBP/USD currency pair climbed to a new 2024 high of 1.3054 during Tuesday's session as traders capitalized on the continued weakness in the U.S. dollar ahead of the highly anticipated Jackson Hole symposium.

At the beginning of the week, the USD/JPY pair encountered substantial volatility, dropping by around 1.7% during the Asia-Pacific session, briefly breaking below the key support level of 146.00 to hit a low of 145.20.

EUR/USD's outlook remains cautiously bullish. The pair continues to trade above a trend line originating from the 2023 high, and the rising Relative Strength Index (RSI) suggests that upward momentum could persist.

From a technical standpoint, GBP/USD is currently supported at the 1.2782 level, which corresponds to the top of the daily Ichimoku cloud, with additional support found near Thursday’s low of 1.2798.

EUR/USD surged to a 7-month high on Wednesday as bullish momentum persisted following the release of U.S. CPI data, which sparked renewed debate over the Fed's potential rate cuts in September.

EUR/USD opened the New York session around 1.0920, with limited action throughout the day, as the pair remained stuck in a narrow range between 1.0910 and 1.0933

EUR/USD traded within a tight range, opening near 1.0915 in New York after an overnight low of 1.0910.

GBP/USD has extended its decline, reaching a new 5-week low at 1.2660 during early trading. However, the pair experienced a partial recovery later, climbing to 1.2744 by the afternoon, reflecting a 0.43% gain.

EUR/USD opened near 1.0920 in New York after hitting 1.09050 overnigh. The pair traded within a tight range of 1.0910-1.09362

GBP/USD is currently trading at 1.2702, showing a decline of 0.6% during the New York afternoon session.