- GBP/USD breaks the 200-day SMA, turning bearish with potential to test support at 1.2700.
- Mixed jobs data and technical indicators suggest further downside risk for the Pound.
- A recovery above 1.2800 is needed to resume the uptrend, with 1.2900 and 1.2993 as key targets.
The British Pound plunged more than 0.60% on Tuesday after labor market data was mixed, with the unemployment rate rising sharply as the economy added more than 220,000 jobs, down 150,000 from the previous reading. . At the time of writing, GBP/USD is trading at 1.2792, below the 1.2800 zone for the first time since mid-August 2024.
GBP/USD Price Forecast: Technical Outlook
GBP/USD fell below the 200-day SMA of 1.2817. A daily close confirmation would turn the pair bearish, and could open the door to test the next intermediate support at 1.2700, followed by main support at the August 8 low of 1.2664.
For a bullish continuation, buyers must reclaim 1.2800 and lift spot prices above the 1.2833/43 zone, support levels reached on November 6 and October 31, respectively, before testing 1.2900. Next would be the 100-day SMA at 1.2993.
Indicators such as the Relative Strength Index (RSI) remain deeply bearish, although they have not yet become oversold. Therefore, a further decline in GBP/USD is expected.
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 Pound sterling.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.43% | 0.73% | 0.54% | 0.10% | 0.54% | 0.42% | 0.13% | |
| EUR | -0.43% | 0.31% | 0.13% | -0.32% | 0.11% | -0.00% | -0.29% | |
| GBP | -0.73% | -0.31% | -0.20% | -0.63% | -0.18% | -0.32% | -0.60% | |
| JPY | -0.54% | -0.13% | 0.20% | -0.44% | 0.00% | -0.12% | -0.41% | |
| CAD | -0.10% | 0.32% | 0.63% | 0.44% | 0.44% | 0.32% | 0.03% | |
| AUD | -0.54% | -0.11% | 0.18% | 0.00% | -0.44% | -0.12% | -0.41% | |
| NZD | -0.42% | 0.00% | 0.32% | 0.12% | -0.32% | 0.12% | -0.29% | |
| CHF | -0.13% | 0.29% | 0.60% | 0.41% | -0.03% | 0.41% | 0.29% |
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.
