untitled design

GBP/USD Price Analysis: Consolidates around 1.2700 ahead of FOMC decision

  • GBP/USD falls 0.14% on disappointing UK employment data.
  • The technical outlook shows a neutral bias with momentum fading, consolidating between 1.2687-1.2750.
  • A hawkish Fed could push GBP/USD below 1.2687, targeting 1.2643/37 and 1.2600; resistance at 1.2750 and 1.2800.

GBP/USD fell during the North American session after UK employment data came in weaker than expected, weakening the British Pound. Therefore, the pair is trading at 1.2711, down 0.14%.

GBP/USD Price Analysis: Technical Perspective

From a daily chart perspective, GBP/USD maintains a neutral bias, consolidating around 1.2687-1.2750 ahead of the Federal Reserve’s monetary policy decision on Wednesday. The momentum suggests that buying pressure is moderating, according to the RSI, with sellers gaining traction.

Therefore, the Fed’s decision to maintain a hawkish stance could push GBP/USD below the current weekly low of 1.2687, followed by the confluence of the 100-day moving average (DMA) and the high. May 3 cycle became support at 1.2643/37, before falling to 1.2600.

On the other hand, if buyers lift the exchange rate above 1.2750, a challenge of the 1.2800 figure is on the cards.

GBP/USD Price Action – Daily Chart

GBP/USD

Summary
Latest price today 1.2712
Today’s daily change -0.0019
Daily change % today -0.15
Today’s daily opening 1.2731
Trends
SMA20 Journal 1.2726
SMA50 Daily 1.2603
SMA100 Journal 1.2638
SMA200 Journal 1.2546
Levels
Previous Daily High 1.2737
Previous Daily Low 1.2688
Previous Weekly High 1.2818
Previous Weekly Low 1.2695
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1.2719
Daily Fibonacci 61.8% 1.2707
Daily Pivot Point S1 1.27
Daily Pivot Point S2 1,267
Daily Pivot Point S3 1.2651
Daily Pivot Point R1 1.2749
Daily Pivot Point R2 1.2768
Daily Pivot Point R3 1.2798

Price of the Pound Sterling Today

The table below shows the percentage change of the British Pound (GBP) against the major currencies listed today. The Pound Sterling was the strongest against the Euro.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.36% 0.09% 0.20% 0.13% 0.25% 0.06% 0.30%
EUR -0.36% -0.26% -0.15% -0.22% -0.08% -0.30% -0.05%
GBP -0.09% 0.26% 0.10% 0.03% 0.16% -0.05% 0.19%
JPY -0.20% 0.15% -0.10% -0.08% 0.03% -0.17% 0.08%
CAD -0.13% 0.22% -0.03% 0.08% 0.12% -0.08% 0.16%
AUD -0.25% 0.08% -0.16% -0.03% -0.12% -0.21% 0.02%
NZD -0.06% 0.30% 0.05% 0.17% 0.08% 0.21% 0.25%
CHF -0.30% 0.05% -0.19% -0.08% -0.16% -0.02% -0.25%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen from the left column, while the quote currency is chosen from the top row. For example, if you choose the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent GBP (base)/USD (quote).

Source: Fx Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular