- GBP/USD has retraced the descending channel pattern, signaling a dominant bearish bias.
- The pair could test the nine-month low at 1.2321, recorded on Wednesday.
- Immediate resistance appears at the upper boundary of the descending channel, near the nine-day EMA at 1.2447.
The GBP/USD pair remains under pressure for the third consecutive session, hovering near 1.2360 during Asian trading hours on Thursday. Technical analysis of the daily chart highlights a prevailing bearish bias, with the pair retracing the descending channel pattern.
The 14-day Relative Strength Index (RSI) is approaching the 30 mark, signaling intensified bearish momentum. Furthermore, the GBP/USD pair is trading below the nine-day and 14-day EMAs, reflecting weak short-term price dynamics.
On the downside, GBP/USD could test the nine-month low of 1.2321, recorded on January 8, followed by the next support level at 1.2299, the lowest since November 2023, last seen on January 22. April. A break below this level could strengthen the bearish sentiment, potentially taking the pair towards the lower boundary of the descending channel near 1.2050.
To the upside, the GBP/USD pair could find immediate resistance at the upper boundary of the descending channel, near the nine-day EMA at 1.2447, followed by the 14-day EMA at 1.2481. A decisive break above this critical resistance zone could improve near-term price momentum, paving the way for a possible move towards the two-month high of 1.2811, reached on December 6.
GBP/USD: Daily Chart
Pound Sterling PRICE Today
The table below shows the percentage change of the British Pound (GBP) against major currencies today. Pound sterling was the weakest currency against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.04% | -0.27% | -0.12% | 0.14% | 0.06% | -0.19% | |
| EUR | 0.03% | 0.07% | -0.23% | -0.09% | 0.18% | 0.09% | -0.16% | |
| GBP | -0.04% | -0.07% | -0.33% | -0.16% | 0.10% | 0.03% | -0.21% | |
| JPY | 0.27% | 0.23% | 0.33% | 0.14% | 0.41% | 0.29% | 0.10% | |
| CAD | 0.12% | 0.09% | 0.16% | -0.14% | 0.27% | 0.18% | -0.05% | |
| AUD | -0.14% | -0.18% | -0.10% | -0.41% | -0.27% | -0.09% | -0.31% | |
| NZD | -0.06% | -0.09% | -0.03% | -0.29% | -0.18% | 0.09% | -0.22% | |
| CHF | 0.19% | 0.16% | 0.21% | -0.10% | 0.05% | 0.31% | 0.22% |
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.
