The GBP/USD pair is trading around 1.2770 in Tuesday’s Asian session, posting modest gains. Despite the slight recovery, the negative bias remains intact, supported by the bearish RSI indicator. The immediate resistance level is at 1.2840, while the first downside target is located at 1.2735.
Looking at the 4-hour chart, the pair continues to exhibit a bearish sentiment, with the price below the key 100-period EMA. The RSI is below the 50-midline, near 44.0, indicating further downside potential. The lower limit of the Bollinger Band at 1.2735 serves as initial support, with additional support levels at 1.2700-1.2710 and 1.2615.
On the upside, the first target is at 1.2840, followed by 1.2887 and 1.3038. A break above these levels could signal a bullish trend for GBP/USD.
GBP/USD 4-hour chart
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange, with key trading pairs including GBP/USD, GBP/JPY, and EUR/GBP. The value of the Pound Sterling is influenced by monetary policy decisions, economic indicators, and trade balance data.