- GBP/USD could rise as momentum could pick up.
- This pair tests the upper bound of the descending channel that coincides with the 9-day EMA at the 1.2691 level.
- The first support appears to be at the 4-week low of 1.2487.
GBP/USD is flat following gains in the previous session, trading around 1.2680 in Asian time on Tuesday. Daily chart analysis suggests an upward momentum shift as the pair attempts to break out of a descending channel pattern, consistent with the 9-day and 14-day exponential moving averages (EMAs).
However, the 14-day Relative Strength Index (RSI) remains below the 50 level, suggesting a bearish bias is still in play. A decisive break above the 50 mark would confirm the emergence of a bullish mood.
The GBP/USD pair is testing initial resistance near the top of the descending channel, which coincides with the 9-day EMA at 1.2691. A decisive break above this key level could strengthen the bullish bias and pave the way for a move towards the five-week high of 1.2811 marked on December 6th.
On the downside, the pair faces support near the four-week low recorded on November 22nd at 1.2487. A break below this level could strengthen the bearish momentum and push the pair towards the lower end of the descending channel and year-to-date low at 1.2299. , was last seen on April 22nd.
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 | -0.03% | -0.00% | -0.08% | 0.04% | 0.11% | 0.12% | 0.06% | |
| EUR | 0.03% | 0.03% | -0.08% | 0.07% | 0.14% | 0.14% | 0.09% | |
| GBP | 0.00% | -0.03% | -0.08% | 0.05% | 0.11% | 0.11% | 0.08% | |
| JPY | 0.08% | 0.08% | 0.08% | 0.12% | 0.19% | 0.18% | 0.16% | |
| CAD | -0.04% | -0.07% | -0.05% | -0.12% | 0.07% | 0.08% | 0.04% | |
| australian dollar | -0.11% | -0.14% | -0.11% | -0.19% | -0.07% | 0.00% | -0.05% | |
| new zealand dollar | -0.12% | -0.14% | -0.11% | -0.18% | -0.08% | -0.00% | -0.04% | |
| swiss franc | -0.06% | -0.09% | -0.08% | -0.16% | -0.04% | 0.05% | 0.04% |
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).
