- GBP/USD rises to the highest level since March 12.
- Stronger gains may be seen if the pair manages to close above 1.2813.
Broad-based US dollar weakness is powering GBP/USD higher in Asia.
The pair is currently trading at 1.2830, the highest levels since March 12, having found bids 1.2777 early Monday.
Acceptance above 1.2813 (June 10 high) will likely cause more buyers to join the market, leading to stronger gains toward 1.32. This is because the turned lower from 1.2813 on June 13 and fell to 1.2252 by the end of June. As such, it is a major hurdle.
Indeed, the 11-day relative strength index has crossed into overbought territory above 70. The price chart, however, is showing no signs of buyer exhaustion. As such, the bias remains bullish.
Daily chart
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Trend: Bullish
Technical levels
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