- GBP/USD has retreated into a descending channel pattern, indicating that the bearish bias is prevailing.
- It could test the nine-month low of 1.2321 hit on Wednesday.
- Immediate resistance appears at the top of the descending channel near the 9-day EMA at 1.2447.
The GBP/USD pair remains under pressure for the third consecutive session, hovering around 1.2360 during Asian trading hours on Thursday. Technical analysis on the daily chart highlights a prevailing bearish bias as the pair reverts to a descending channel pattern.
The 14-day Relative Strength Index (RSI) is approaching the 30 level, indicating increasing bearish momentum. Additionally, the GBP/USD pair is trading below its 9-day and 14-day exponential moving averages (EMAs), reflecting weakness in short-term price trends.
On the downside, the GBP/USD pair could test the 9-month low of 1.2321 recorded on January 8th, with the next support level since November 2023, which was last observed on April 22nd. The lowest price will be 1.2299. The bearish sentiment may strengthen and push the pair towards the lower end of the descending channel around 1.2050.
On the upside, the GBP/USD pair may soon encounter resistance at the top of the descending channel, near the 9-day EMA at 1.2447, followed by the 14-day EMA at 1.2481. A decisive breakout of this key resistance zone could increase near-term price momentum and pave the way for a possible two-month 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 weakest against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.04% | -0.27% | -0.12% | 0.14% | 0.06% | -0.19% | |
| EUR | 0.03% | 0.07% | -0.23% | -0.09% | 0.18% | 0.09% | -0.16% | |
| GBP | -0.04% | -0.07% | -0.33% | -0.16% | 0.10% | 0.03% | -0.21% | |
| JPY | 0.27% | 0.23% | 0.33% | 0.14% | 0.41% | 0.29% | 0.10% | |
| CAD | 0.12% | 0.09% | 0.16% | -0.14% | 0.27% | 0.18% | -0.05% | |
| australian dollar | -0.14% | -0.18% | -0.10% | -0.41% | -0.27% | -0.09% | -0.31% | |
| new zealand dollar | -0.06% | -0.09% | -0.03% | -0.29% | -0.18% | 0.09% | -0.22% | |
| swiss franc | 0.19% | 0.16% | 0.21% | -0.10% | 0.05% | 0.31% | 0.22% |
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).
