- GBP/USD can encounter primary resistance at a psychological level of 1.3400
- The 14-day RSI travels above 70, suggesting that potential drawback corrections may be on the horizon.
- Immediate support is at the 9-day EMA, near 1.3194, followed by a lower boundary of the rising channel at around 1.3150.
The GBP/USD pair continued their winning streak, which began on April 8th, trading around 1.3370 during Asian time on Monday. Daily chart technical analysis shows a continuous bullish trend, with the pair progressing within rising channel patterns.
Additionally, the GBP/USD pair continues to trade above the nine-day index moving average (EMA), strengthening its short-term bullish momentum. However, the 14-day relative strength index (RSI) has risen above 70, indicating a buyout condition, suggesting that potential drawback corrections may be on the horizon.
The GBP/USD pair encounters initial resistance at psychological level 1.3400, followed by 1.3434. Following this, it is a level that will not be seen since September 2024, and it is the lowest level since March 2022.
On the downside, immediate support is seen at the nine-day EMA at around 1.3194, followed by the lower limit of the upward channel at nearly 1.3150. A break below this critical area could undermine short-term bullish momentum, with 50-day EMA appearing as the next important level of support.
A deep decline below this level could dent the bullish outlook for the medium term, recording the GBP/USD pair on March 3 and driving it to a 3-month minimum of 1.2249, registered on February 3.
GBP/USD: Daily Charts
British pound prices today
The table below shows the rate of change in the British pound (GBP) against the major currencies listed today. The British pound was the strongest against the US dollar.
| USD | EUR | GBP | JPY | CAD | aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -1.03% | -0.63% | -0.86% | -0.36% | -0.51% | -1.04% | -0.96% | |
| EUR | 1.03% | 0.25% | 0.15% | 0.63% | 0.33% | -0.04% | 0.05% | |
| GBP | 0.63% | -0.25% | 0.08% | 0.40% | 0.08% | -0.29% | -0.20% | |
| JPY | 0.86% | -0.15% | -0.08% | 0.50% | 0.21% | -0.07% | -0.07% | |
| CAD | 0.36% | -0.63% | -0.40% | -0.50% | -0.27% | -0.68% | -0.58% | |
| aud | 0.51% | -0.33% | -0.08% | -0.21% | 0.27% | -0.36% | -0.28% | |
| NZD | 1.04% | 0.04% | 0.29% | 0.07% | 0.68% | 0.36% | 0.12% | |
| CHF | 0.96% | -0.05% | 0.20% | 0.07% | 0.58% | 0.28% | -0.12% |
The heatmap shows the rate of change of each other’s major currencies. The base currency is selected from the left column, and the estimated currency is selected from the top row. For example, if you choose the British pound from the left column and move it along the horizon to US dollars, the rate of change shown in the box represents GBP (base)/USD (QUOTE).
