The GBP/USD pair is currently trading above 1.2900, down 0.13%, and is nearing a crucial support level at 1.2860. Bearish momentum is evident as the RSI slope turns downward, signaling potential further declines in the pair.
Key support levels to watch include 1.2860 (June 12 high) and 1.2779 (July 10 low), with a possible downside target at the 100-day moving average of 1.2678.
GBP/USD Price Analysis: Technical Outlook
The Pound Sterling has been on a downward trend against the US Dollar, with traders focusing on the key support level of 1.2860. Currently, the GBP/USD pair is trading at 1.2914, down 0.13% from its recent high of 1.2887.
Technical analysis suggests that the GBP/USD pair could continue its downward trajectory, with the RSI indicating a bearish sentiment. If the pair breaks below 1.2900, the next support levels are at 1.2860 and 1.2779, followed by the 100-day moving average at 1.2678. On the upside, a break above 1.2940 could lead to a retest of the 1.3000 resistance level.
GBP/USD Price Action – Daily Chart
The table below shows the percentage change of the British Pound (GBP) against major currencies today. The Pound was strongest against the New Zealand Dollar, with slight fluctuations against other currencies.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.42% | 0.20% | -0.66% | 0.10% | 0.42% | 0.45% | 0.31% |
The heat map displays the percentage changes of major currencies against each other, providing a visual representation of the current market conditions.
Analysis:
In summary, the GBP/USD pair is facing bearish momentum and is approaching key support levels at 1.2860 and 1.2779. Traders should watch for a break below 1.2900 for further downside potential towards the 100-day moving average at 1.2678. On the upside, a break above 1.2940 could signal a reversal in the pair’s trend. Stay informed and make informed decisions based on technical analysis and market conditions.