GBP/USD Testing 2024 Highs, PMIs on Tap
GBP/USD has seen a tremendous surge over the past two weeks. Cable was trading closer to 1.2700 earlier this month before rising 8 of the last 9 days (and currently working on 9 of the last 10) to hit a 13-month high at 1.3050 as of writing.
Despite the impressive short-term momentum (or perhaps because of it), GBP/USD is now reaching an overbought extreme. As the subpanel on the chart above shows, the disparity of the currency pair from its 100-day MA has reached 3%, the most extreme deviation from its medium-/longer-term trend this year. Therefore, GBP/USD may be more vulnerable than usual to mean reversion if the UK PMIs come in below expectations (or developments on the US side of the Atlantic come in better than anticipated).
Regardless, the battlelines are clearly drawn – a confirmed break above previous highs in the 1.3050 zone opens the door for a continuation toward 1.3150, whereas a reversal near here could take the pair back toward previous-resistance-turned-support in the upper-1.28s next.
-MW
Despite the impressive short-term momentum (or perhaps because of it), GBP/USD is now reaching an overbought extreme. As the subpanel on the chart above shows, the disparity of the currency pair from its 100-day MA has reached 3%, the most extreme deviation from its medium-/longer-term trend this year. Therefore, GBP/USD may be more vulnerable than usual to mean reversion if the UK PMIs come in below expectations (or developments on the US side of the Atlantic come in better than anticipated).
Regardless, the battlelines are clearly drawn – a confirmed break above previous highs in the 1.3050 zone opens the door for a continuation toward 1.3150, whereas a reversal near here could take the pair back toward previous-resistance-turned-support in the upper-1.28s next.
-MW
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