- GBP/USD drops to 1.3389 from a yearly high of 1.3429 as the US Dollar strengthens.
- A pullback towards the top of an ascending channel at 1.3363 may offer buying opportunities, with the RSI still favoring buyers.
- Holding above 1.3363 could push GBP/USD to retest the yearly high of 1.3429 and target 1.3437, 1.3450 and 1.3500.
- A drop below 1.3363 could lead to a test of the weekly low at 1.3248 and further support at the September 19 low of 1.3153.
The British Pound lost some momentum against the US Dollar in early North American trading on Wednesday after hitting a yearly high of 1.3429. GBP/USD is trading at 1.3389, down 0.18%, as the Dollar regains some ground.
GBP/USD Technical Outlook
From a technical perspective, GBP/USD’s pullback towards the top of an ascending channel at 1.3363 opened the door for further buying, as seen from the price action.
The Relative Strength Index (RSI) hints that buyers remain in charge. However, in the near term, GBP/USD could print another leg higher before resuming its recovery, which could test the March 1, 2022 peak at 1.3437.
If GBP/USD holds above 1.3363, this could pave the way for a challenge to the current yearly high of 1.3429. On further strength, that will expose 1.3437, followed by the 1.3450 figure, before 1.3500.
On the downside, if the pair drops below 1.3363, it could reach the current week’s low of 1.3248. With further weakness, the next line of defense for the bulls will be the daily low of September 19 of 1.3153.
GBP/USD Price Action – Daily Chart
Pound Sterling PRICE Today
The table below shows the exchange rate of the British Pound (GBP) against major currencies today. The British Pound was the strongest currency against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.29% | 0.79% | 0.20% | 0.43% | 0.60% | 0.66% | |
| EUR | -0.06% | 0.24% | 0.74% | 0.14% | 0.37% | 0.56% | 0.59% | |
| GBP | -0.29% | -0.24% | 0.48% | -0.10% | 0.13% | 0.28% | 0.36% | |
| JPY | -0.79% | -0.74% | -0.48% | -0.58% | -0.35% | -0.19% | -0.13% | |
| CAD | -0.20% | -0.14% | 0.10% | 0.58% | 0.23% | 0.41% | 0.46% | |
| AUD | -0.43% | -0.37% | -0.13% | 0.35% | -0.23% | 0.19% | 0.23% | |
| NZD | -0.60% | -0.56% | -0.28% | 0.19% | -0.41% | -0.19% | 0.05% | |
| CHF | -0.66% | -0.59% | -0.36% | 0.13% | -0.46% | -0.23% | -0.05% |
The heatmap shows percentage changes of 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 chart 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.
