- GBP/USD falls 0.34%, hitting a low of 1.2981 after a weak UK inflation report surprises markets.
- A close below 1.3000 could lead the pair to test the 100-day moving average (DMA) at 1.2951 and additional support levels.
- If bulls regain control, resistance at 1.3100 and 50-day moving average (DMA) at 1.3118 are key upside targets.
The British pound plunged following a weaker-than-expected UK inflation report, dragging the GBP/USD exchange rate to a two-month low of 1.2981. Although it has regained some ground, the pair is losing 0.49% and is trading at 1.3008 at the time of writing.
GBP/USD Price Forecast: Technical Outlook
After breaking through the October 14 low of 1.3029, GBP/USD accelerated its decline below 1.3000, which could pave the way for further declines.
Momentum supports sellers, as shown by the Relative Strength Index (RSI), which broke the latest low, indicating that the downtrend is accelerating.
If GBP/USD manages a daily close below 1.3000, this could potentially send the pair challenging the 100-day moving average (DMA) at 1.2951. In case of further weakness, the next target would be the March 8 high turned support at 1.2894. If broken, the pair could extend its losses to the 200-day moving average (DMA) at 1.2793.
However, if buyers push the exchange rate beyond today’s high at 1.3076, a move towards 1.3100 is on the cards. Once cleared, the next resistance would be the 50-day moving average (DMA) at 1.3118.
GBP/USD Price – Daily Chart
Pound Sterling PRICE Today
The table below shows the percentage change of the British Pound (GBP) against major currencies today. Pound sterling was the strongest currency against the Australian dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.13% | 0.50% | 0.31% | 0.02% | 0.57% | 0.34% | 0.29% | |
| EUR | -0.13% | 0.39% | 0.20% | -0.08% | 0.45% | 0.24% | 0.10% | |
| GBP | -0.50% | -0.39% | -0.21% | -0.47% | 0.06% | -0.15% | -0.23% | |
| JPY | -0.31% | -0.20% | 0.21% | -0.25% | 0.28% | 0.05% | 0.01% | |
| CAD | -0.02% | 0.08% | 0.47% | 0.25% | 0.53% | 0.31% | 0.24% | |
| AUD | -0.57% | -0.45% | -0.06% | -0.28% | -0.53% | -0.21% | -0.28% | |
| NZD | -0.34% | -0.24% | 0.15% | -0.05% | -0.31% | 0.21% | -0.08% | |
| CHF | -0.29% | -0.10% | 0.23% | -0.01% | -0.24% | 0.28% | 0.08% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected 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 the 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.
