- GBP/USD is approaching 1.3239, with potential to test the yearly high at 1.3266 and March 2022 peaks.
- The bulls bought the dip at 1.3001, propelling the rally to current levels.
- Failure at 1.3200 could see a pullback towards 1.3150, with further downside risks at 1.3100 and 1.3044.
The British Pound rallied in early trade during the North American session against the Dollar, posting gains of over 0.60% and hitting a five-day high of 1.3214. At the time of writing, GBP/USD is trading at 1.3199.
GBP/USD Technical Outlook
GBP/USD has risen sharply as the bullish momentum has intensified as shown by the Relative Strength Index (RSI). Moreover, the bulls buying the dip at 1.3001 lifted spot prices at the current exchange rate.
Still, GBP/USD remains untested above the September 6 high of 1.3239. In that case, the next resistance level would be the yearly high at 1.3266. Once overcome, the March 23, 2022 daily high would be within reach at 1.3298 before the pair reaches the March 1, 2022 high at 1.3437.
Conversely, if GBP/USD sustains below 1.3200, this could exacerbate a retest of the 1.3100 figure. But first, sellers need to challenge 1.3150. Further losses lie at 1.3044, with the July 17 high turned into support.
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 US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.42% | -0.54% | -0.21% | -0.02% | -0.48% | -0.41% | -0.31% | |
| EUR | 0.42% | -0.18% | 0.17% | 0.37% | -0.12% | -0.04% | 0.07% | |
| GBP | 0.54% | 0.18% | 0.28% | 0.54% | 0.06% | 0.15% | 0.26% | |
| JPY | 0.21% | -0.17% | -0.28% | 0.20% | -0.21% | -0.17% | -0.15% | |
| CAD | 0.02% | -0.37% | -0.54% | -0.20% | -0.54% | -0.40% | -0.40% | |
| AUD | 0.48% | 0.12% | -0.06% | 0.21% | 0.54% | 0.08% | 0.17% | |
| NZD | 0.41% | 0.04% | -0.15% | 0.17% | 0.40% | -0.08% | 0.11% | |
| CHF | 0.31% | -0.07% | -0.26% | 0.15% | 0.40% | -0.17% | -0.11% |
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.
