The GBP/USD currency pair is currently showing an upward bias on the daily chart, despite some mixed signals in the short-term RSI. As of now, the pair is trading at 1.3149, down by 0.14% from the recent lows of 1.3129. The recent data from the US regarding inflation has caused a slight downturn in the pair, with expectations of a rate cut by the US Federal Reserve in the upcoming September meeting.
Technical Analysis of GBP/USD Price Movement
On a daily basis, the GBP/USD is still inclined towards an upward movement, although it has retreated towards the 1.3120 level. In the short term, sellers are dominating the market, as indicated by the RSI showing mixed readings with a bearish trend. The hourly chart also reveals a bearish bias, with the pair below the 50, 100, and 200-hour moving averages (HMAs), with potential support levels at 1.3108 and 1.3100. Further downside targets include the August 22 low of 1.3076 and the August 20 high of 1.3052.
If buyers manage to reclaim the 200-HMA at 1.3148, there could be a potential recovery towards the 50-HMA at 1.3182 and eventually to 1.3200.
Analyzing GBP/USD Price Action on the Hourly Chart
British Pound PRICE Today Against Major Currencies
The table below shows the percentage changes of the British Pound (GBP) against major currencies today, with the Pound being strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.02% | 0.11% | 0.38% | -0.06% | 0.16% | -0.02% | 0.19% | |
| EUR | -0.02% | 0.08% | 0.39% | -0.09% | 0.15% | -0.06% | 0.17% | |
| GBP | -0.11% | -0.08% | 0.29% | -0.17% | 0.07% | -0.14% | 0.06% | |
| JPY | -0.38% | -0.39% | 0.29% | -0.43% | -0.19% | -0.40% | -0.20% | |
| CAD | 0.06% | 0.09% | 0.17% | 0.43% | 0.23% | 0.05% | 0.23% | |
| AUD | -0.16% | -0.15% | -0.07% | 0.19% | -0.23% | -0.20% | 0.00% | |
| NZD | 0.02% | 0.06% | 0.14% | 0.40% | -0.05% | 0.20% | 0.20% | |
| CHF | -0.19% | -0.17% | -0.06% | 0.20% | -0.23% | -0.01% | -0.20% |
Analysis and Conclusion
Based on the technical analysis and recent market trends, it is evident that the GBP/USD pair is currently facing some bearish pressure in the short term. Sellers are in control, pushing the pair towards key support levels. However, if buyers manage to reclaim certain moving averages, a potential recovery could be on the horizon. As an investor or trader, it is crucial to monitor these developments closely and make informed decisions to protect your investments and capitalize on profitable opportunities.