- GBP/USD is located above the descending channel, suggesting a weakening bearish bias.
- The upper bound of the descending channel acts as a major support near the 1.2540 level.
- Immediate resistance appears at the 9-day EMA at the 1.2565 level.
GBP/USD has regained recent losses and is trading around 1.2550 in European time on Tuesday. Daily chart analysis suggests that the bearish bias is weakening as the pair sits above the upper bound of the descending channel pattern.
However, the 14-day Relative Strength Index (RSI) remains below the 50 level, suggesting that the bearish bias persists. Additionally, the GBP/USD pair is below its 9-day and 14-day exponential moving averages (EMAs), suggesting weak near-term price momentum. A decisive break above these EMAs could indicate a transition from a bearish bias to a bullish one.
On the downside, the GBP/USD pair is testing the upper bound of the descending channel around the 1.2540 level. A reversal into the channel could strengthen the bearish bias and move higher towards the seven-month low of 1.2487, which was last recorded on November 22nd.
A decisive break below the 7-month low could strengthen the bearish momentum and push the GBP/USD pair towards the yearly low of 1.2299 recorded on April 22nd. Further weakness could target the lower end of the descending channel around the 1.2160 level.
On the upside, the GBP/USD pair is testing the near-term wall at the 9-day exponential moving average (EMA) at 1.2565, followed by the 14-day EMA at 1.2585. A successful break above these levels could strengthen the bullish momentum and pave the way for a move towards the six-week high of 1.2811 set on December 6th.
GBP/USD: daily chart
British pound PRICE today
The table below shows the percentage change of the British Pound (GBP) against major currencies today. The British pound was the strongest against the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | -0.04% | -0.50% | 0.14% | 0.06% | 0.18% | -0.05% | |
| EUR | 0.12% | 0.09% | -0.36% | 0.26% | 0.18% | 0.30% | 0.06% | |
| GBP | 0.04% | -0.09% | -0.47% | 0.17% | 0.10% | 0.23% | -0.03% | |
| JPY | 0.50% | 0.36% | 0.47% | 0.67% | 0.57% | 0.69% | 0.48% | |
| CAD | -0.14% | -0.26% | -0.17% | -0.67% | -0.09% | 0.03% | -0.20% | |
| australian dollar | -0.06% | -0.18% | -0.10% | -0.57% | 0.09% | 0.12% | -0.12% | |
| new zealand dollar | -0.18% | -0.30% | -0.23% | -0.69% | -0.03% | -0.12% | -0.24% | |
| swiss franc | 0.05% | -0.06% | 0.03% | -0.48% | 0.20% | 0.12% | 0.24% |
The heat map shows the percentage change between major currencies. The base currency is selected from the left column and the quote currency is selected from the top row. For example, if you select British Pounds from the left column and move along the horizontal line to US Dollars, the percentage change displayed in the box represents GBP (Basic)/USD (Quote).
