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GBP/USD outperforms closing above 200 week moving average

Late week I covered the prospect of the GBP/USD perhaps doing what it has not done for a long time now and push back to 1.30 and perhaps beyond. Well, the price action on Friday certainly endorsed that prospect. The GBP/USD rose to a new 2024 high at 1.2894. As also previously mentioned, the GBP/USD had not closed above the 1.28 handle since July last year, until ending on Thursday at 1.2809. The further gains on Friday was seemingly all about dollar weakness, but was it? I have more to say on that when looking at the EUR/GBP a little later this morning. Despite rising close to 1.29 on Friday the Pound did fall back into the weekly close, but not by that much. Nevertheless, the GBP/USD still posted another higher daily close, at 1.2858. What is also interesting to note; is that close above its 200 week moving average (for the first time since July 2023 too). That 200 week moving average was in place, as of the close on Friday, at 1.2854 (now at 1.2858). Overnight the Pound has traded a range covered by 1.2846 to 1.2865. It is right now at 1.2856

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