- 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
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
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
