- GBP/USD remains under pressure, testing significant support levels after crossing below the 200-day SMA.
- Further decline could see the pair target 1.2600 and potentially extend to the May low of 1.2445.
- Recovery above 1.2700 could challenge the resistance at 1.2817, with the RSI indicating possible consolidation ahead.
The British Pound extends its agony and registers losses for the sixth consecutive day against the Dollar. A weak UK GDP coupled with robust US retail sales figures boosted the US Dollar and weighed on GBP/USD, which is trading at 1.2636, down 0.22%.
GBP/USD Price Forecast: Technical Outlook
GBP/USD has a bearish bias once it falls below the 200-day SMA. A daily close below the last intermediate support at 1.2664, the August 8 low, would pave the way for further decline. The next key support level would be the 1.2600 figure, followed by the last cycle low at 1.2445 on May 9, followed by the yearly low (YTD) at 1.2299.
Conversely, if GBP/USD recovers and rises above 1.2700, the next resistance would be the 200-day SMA at 1.2817. Once overcome, the next resistance would be the 1.2900 mark.
Oscillators, such as the Relative Strength Index (RSI), suggest that the pair could consolidate. The RSI is near oversold conditions and has begun to flatten.
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 | -0.25% | 0.16% | -0.98% | 0.11% | -0.22% | -0.35% | -0.35% | |
| EUR | 0.25% | 0.40% | -0.75% | 0.36% | 0.03% | -0.10% | -0.10% | |
| GBP | -0.16% | -0.40% | -1.15% | -0.03% | -0.37% | -0.50% | -0.50% | |
| JPY | 0.98% | 0.75% | 1.15% | 1.10% | 0.75% | 0.61% | 0.62% | |
| CAD | -0.11% | -0.36% | 0.03% | -1.10% | -0.35% | -0.47% | -0.47% | |
| AUD | 0.22% | -0.03% | 0.37% | -0.75% | 0.35% | -0.14% | -0.15% | |
| NZD | 0.35% | 0.10% | 0.50% | -0.61% | 0.47% | 0.14% | -0.01% | |
| CHF | 0.35% | 0.10% | 0.50% | -0.62% | 0.47% | 0.15% | 0.00% |
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.
