- GBP/USD hits resistance at 1.3340 and forms a potential ‘shooting star’ candlestick, signaling potential further losses.
- Key support lies at 1.3250, with additional levels at 1.3239, 1.3200 and the July 14 peak at 1.3142.
- On the upside, GBP/USD needs to reclaim 1.3300 to retest the yearly high of 1.3340, with further resistance at 1.3437.
The British Pound posted minimal gains against the US Dollar during the North American session after hitting a two-and-a-half-year high of 1.3340 on the back of an encouraging UK retail sales report. At the time of writing, GBP/USD is trading at 1.3282, up 0.03%.
GBP/USD Technical Outlook
From a technical standpoint, GBP/USD hit solid resistance as the pair reached the top of an ascending channel, failing to test 1.3350. The pair has since erased those gains, on the verge of forming a ‘shooting star’ candle, which opens the door for further losses.
Momentum remains bullish according to the Relative Strength Index (RSI). However, a negative divergence is looming, which could trigger a pullback in the pair.
If GBP/USD breaks below 1.3250, a further decline is anticipated. Once cleared, the next stop would be the September 6 peak at 1.3239, ahead of 1.3200. If breached, key support levels such as the July 14, 2023 peak at 1.3142, followed by the September 11 low at 1.3001, will be exposed.
Conversely, if GBP/USD reclaims 1.3300, the first resistance would be the yearly high of 1.3340 before the March 1, 2022 pivot high of 1.3437.
GBP/USD Price Action – Daily Chart
Pound Sterling PRICE Today
The table below shows the exchange rate of the British Pound (GBP) against major currencies today. The British Pound was the strongest currency against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.20% | 0.10% | 1.21% | 0.19% | 0.45% | 0.40% | 0.39% | |
| EUR | -0.20% | -0.11% | 1.05% | -0.03% | 0.23% | 0.21% | 0.20% | |
| GBP | -0.10% | 0.11% | 1.15% | 0.10% | 0.36% | 0.33% | 0.32% | |
| JPY | -1.21% | -1.05% | -1.15% | -1.01% | -0.77% | -0.81% | -0.80% | |
| CAD | -0.19% | 0.03% | -0.10% | 1.01% | 0.25% | 0.22% | 0.22% | |
| AUD | -0.45% | -0.23% | -0.36% | 0.77% | -0.25% | -0.01% | -0.02% | |
| NZD | -0.40% | -0.21% | -0.33% | 0.81% | -0.22% | 0.01% | -0.00% | |
| CHF | -0.39% | -0.20% | -0.32% | 0.80% | -0.22% | 0.02% | 0.00% |
The heatmap shows percentage changes of 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 chart 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.
