Market Update on GBP/USD
- GBP/USD might hit a significant resistance at 1.3616, the highest level since February 2022.
- The bullish outlook is expanding as the 14-day RSI stays above 50.
- Initial support is identified at the 9-day EMA of 1.3526.
The GBP/USD pair has retraced some of its recent gains, currently hovering around 1.3540 during Asian trading hours on Tuesday. A look at daily charts suggests a persistent bullish trend as the pair rises within an upward channel.
Remaining above the nine-day exponential moving average (EMA) indicates strong short-term momentum. The 14-day relative strength index (RSI) above 50 further supports this bullish outlook.
The possibility is that the GBP/USD pair may challenge the resistance at 1.3616, a level sustained from February to early June 2022. If it breaks above this threshold, it could solidify bullish sentiment and reach towards the upper limit of the ascending channel at around 1.4160.
On the flip side, key support can be found at the 9-day EMA of 1.3526, with another line at 1.3500, marking the lower boundary of the upward channel. If the pair manages to dip below this critical support range, it could usher in a bearish sentiment, possibly pushing prices down to test the 50-day EMA at 1.3307, or even the nine-week low of 1.3063 from April 14th.
GBP/USD Daily Charts
Today’s British pound performance against major currencies shows it is currently weakest against the Australian dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.18% | 0.06% | 0.19% | 0.03% | -0.16% | -0.09% | 0.09% | |
| EUR | -0.18% | -0.11% | -0.02% | -0.11% | -0.31% | -0.26% | -0.06% | |
| GBP | -0.06% | 0.11% | 0.04% | -0.01% | -0.20% | -0.12% | 0.05% | |
| JPY | -0.19% | 0.02% | -0.04% | -0.13% | -0.38% | -0.36% | -0.18% | |
| CAD | -0.03% | 0.11% | 0.00% | 0.13% | -0.21% | -0.15% | 0.06% | |
| AUD | 0.16% | 0.31% | 0.20% | 0.38% | 0.21% | 0.07% | 0.25% | |
| NZD | 0.09% | 0.26% | 0.12% | 0.36% | 0.15% | -0.07% | 0.20% | |
| CHF | -0.09% | 0.06% | -0.05% | 0.18% | -0.06% | -0.25% | -0.20% |
This table illustrates the performance of the British pound against major currencies today, showing it as the weakest relative to the Australian dollar.
