- GBP/USD breaks the key 1.2850 level; points to 200-day SMA support at 1.2811.
- A close below the 200-day SMA may lead to further losses, with next support at 1.2664.
- RSI momentum points to bearish control as election fallout puts pressure on the Pound.
The British Pound slumped more than 1.20% against the US Dollar on Wednesday after former US President Donald Trump won the 2024 presidential election. Fears of tariffs and protectionist policies weighed on the Cable , which is seeing its worst daily loss since October 3. At the time of writing, GBP/USD is trading at 1.2881 after hitting a daily high of 1.3047.
GBP/USD Price Forecast: Technical Outlook
GBP/USD finally broke below the 1.2850 area and hit a daily low of 1.2833 but has yet to test the 200-day SMA of 1.2811. If the pair manages a daily close below the 200-day SMA, this will consolidate its bearish bias, opening the door to test 1.2800. GBP/USD would extend its losses once cleared, with the next support seen at 1.2664, the August 8 low, followed by the 1.2600 mark.
For a bullish scenario, GBP/USD must surpass the figure of 1.2900 and the 100-day SMA at 1.2985.
Momentum, as measured by the Relative Strength Index (RSI), indicated more to the downside. The RSI made a U-turn, falling more steeply, an indication that sellers are in charge.
GBP/USD Price Chart – Daily
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 Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 1.89% | 1.16% | 1.77% | 0.78% | 0.97% | 0.71% | 1.45% | |
| EUR | -1.89% | -0.72% | -0.12% | -1.08% | -0.91% | -1.16% | -0.42% | |
| GBP | -1.16% | 0.72% | 0.60% | -0.37% | -0.19% | -0.44% | 0.30% | |
| JPY | -1.77% | 0.12% | -0.60% | -0.98% | -0.80% | -1.06% | -0.31% | |
| CAD | -0.78% | 1.08% | 0.37% | 0.98% | 0.18% | -0.07% | 0.67% | |
| AUD | -0.97% | 0.91% | 0.19% | 0.80% | -0.18% | -0.26% | 0.50% | |
| NZD | -0.71% | 1.16% | 0.44% | 1.06% | 0.07% | 0.26% | 0.74% | |
| CHF | -1.45% | 0.42% | -0.30% | 0.31% | -0.67% | -0.50% | -0.74% |
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.
