GBP/USD Price Forecast: Up slightly, stabilizes near 1.2250

  • The pound closes slightly below Tuesday’s high, consolidating between 1.2210 and 1.2240.
  • Resistance at 1.2299; above 1.2250 could extend gains to 1.2351.
  • A break below 1.2200 may renew selling, pointing to supports at 1.2136 and 1.2099.

The British Pound posted modest gains on Wednesday after swinging in a wide range of 1.2154 – 1.2306 during the day, but stabilized at current exchange rates. At the time of writing, GBP/USD is trading at 1.2241, set to close below Tuesday’s high of 1.2249.

GBP/USD Price Forecast: Technical Outlook

The GBP/USD bearish trend remains, although it consolidated around 1.2210 – 1.2240. During the session, buyers tested strong resistance at the April 22 low of 1.2299 before pulling back below 1.2250. If they hold gains above the latter, they could challenge 1.2299 before targeting 1.2351, the Jan. 2 low that turned into resistance. Further upside is at 1.2400.

The downtrend could resume once sellers break 1.2200. Once broken, the next support would be the January 14 low of 1.2136, followed by the January 13 bottom of 1.2099.

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 Japanese Yen.

USD EUR GBP JPY CAD AUD NZD CHF
USD -0.00% -0.00% 0.00% -0.00% -0.00% -0.01% 0.01%
EUR 0.00% -0.01% 0.02% 0.00% -0.01% 0.00% 0.01%
GBP 0.00% 0.00% 0.04% 0.00% 0.00% -0.01% 0.00%
JPY 0.00% -0.02% -0.04% -0.01% -0.02% -0.02% -0.02%
CAD 0.00% 0.00% -0.00% 0.00% -0.00% -0.01% 0.00%
AUD 0.00% 0.00% -0.00% 0.02% 0.00% 0.00% 0.00%
NZD 0.00% 0.00% 0.00% 0.02% 0.00% -0.00% 0.00%
CHF -0.01% -0.01% -0.01% 0.02% -0.00% -0.00% -0.01%

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

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