GBP/USD climbs above 1.30 for the first time since mid-July

GBP/USD broke above the psychological 1.30 level on Tuesday, marking its first push beyond this barrier since July 17/18.

The rally from the August 8 low of 1.2664—where the rising daily cloud halted the previous downtrend and triggered a reversal—remains steep and uninterrupted, extending into its second week.

Daily indicators show strong positive momentum with moving averages in a bullish setup, reinforcing the outlook for further gains.

The July peak at 1.3044 is now under pressure, and a decisive break above this level would pave the way toward the 2023 high at 1.3141.

However, overbought conditions on the daily chart suggest a possible pause in the rally for consolidation or a minor correction.

Initial support levels are seen at 1.2974/54, followed by 1.2900 and the daily cloud top at 1.2860.

Traders will be closely monitoring the FOMC Minutes on Wednesday and Fed Chair Powell’s speech at the Jackson Hole symposium on Friday for fresh cues.

Res: 1.3044; 1.3100; 1.3141; 1.3200
Sup: 1.3000; 1.2954; 1.2900; 1.2860