- Momentum in GBP/USD is in favor of sellers and they may target the July 17th high of 1.3043.
- Any further declines could result in a test of 1.3043. The next major support is the March 8th high at 1.2893.
- For an upside reversal to occur, buyers would need to push the pair above 1.3200 and aim for a two-year high of 1.3266, followed by 1.3293 and 1.3437.
GBP/USD has fallen for the second day in a row, breaching the 1.3200 mark on the decline. This is as the bears have woken up after a 400-pip rally in August, dashing hopes of a price decline. Despite a lack of UK economic data, things remain busy across the Atlantic, with good data supporting the US Dollar. As such, the pair is trading at 1.3151, down 0.30%.
GBP/USD Price Forecast: Technical Outlook
The daily chart of GBP/USD suggests that in the short term, the pair may head for and test the latest cycle high of 1.3043, recorded on July 17. Momentum shifted in favor of sellers as the Relative Strength Index (RSI) peaked in the overbought territory, but eventually dipped below the 70 level, prompting a two-day pullback for the major currency to the current exchange rate.
Although the sellers are in control, they need to break above the 1.3100 figure and the psychological support at 1.3050 before retesting the downside. If these two levels are breached, GBP/USD could head towards 1.3043, while further weakness could see the March 8 intraday high at 1.2893 emerge as the next demand zone.
On the other hand, if the buyers want to fight back, they will need to break above the 1.3200 figure, which would quickly reveal a two-year high at 1.3266. A break above the latter could see the buyers challenge the intraday high of 1.3293 on 23 March 2022, ahead of the swing high of 1.3437 on 01 March 2022.
GBP/USD Price Trend – Daily Chart
today british pound price
The table below shows the percentage movement of the British Pound (GBP) against the major listed currencies today: The British Pound was strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | Australian Dollar | NZD | Swiss Franc | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.44% | 0.25% | 0.54% | -0.02% | -0.13% | -0.21% | 0.75% | |
| EUR | -0.44% | -0.19% | 0.11% | -0.48% | -0.58% | -0.65% | 0.31% | |
| GBP | -0.25% | 0.19% | 0.31% | -0.28% | -0.39% | -0.46% | 0.53% | |
| JPY | -0.54% | -0.11% | -0.31% | -0.56% | -0.68% | -0.78% | 0.23% | |
| CAD | 0.02% | 0.48% | 0.28% | 0.56% | -0.10% | -0.18% | 0.82% | |
| Australian Dollar | 0.13% | 0.58% | 0.39% | 0.68% | 0.10% | -0.05% | 0.95% | |
| NZD | 0.21% | 0.65% | 0.46% | 0.78% | 0.18% | 0.05% | 0.99% | |
| Swiss Franc | -0.75% | -0.31% | -0.53% | -0.23% | -0.82% | -0.95% | -0.99% |
The heat map displays 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 Pound from the left column and move it along the horizontal line to US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
