Discover why the GBP/USD is slipping below 1.3100 and how it could impact your investments. Get exclusive tips from the top financial market journalist and investment manager to stay ahead in the game!
GBP/USD Slips Below 1.3100: What You Need to Know
The GBP/USD has taken a downturn, trading at 1.3099, below the crucial 1.3100 level. Despite mixed signals from the Relative Strength Index (RSI), the momentum has shifted to sellers, indicating a potential bearish trend.
If the GBP/USD drops below 1.3100, it may test the July 17 high at 1.3043, with further declines targeting the psychological level of 1.3000 and the 50-day moving average at 1.2894. On the other hand, sustaining above 1.3100 could lead to a bullish trend continuation, aiming for the September 2 peak at 1.3155 and potentially reaching the channel top at 1.3200.
Technical Outlook and Price Forecast
The recent US ISM Manufacturing PMI data release has influenced the GBP/USD movement, with the RSI signaling a potential bearish momentum. Traders are closely watching the price action to determine the next direction of the pair.
GBP/USD Price Action – Daily Chart
British Pound Price Today
Check out the latest percentage change of the British Pound (GBP) against major currencies. Stay informed about the currency market trends to make informed investment decisions.
Analysis Breakdown:
- GBP/USD Below 1.3100: The GBP/USD is currently trading below the key level of 1.3100, signaling a potential bearish trend.
- RSI and Momentum: Despite mixed signals from the RSI, momentum has shifted in favor of sellers, indicating a possible downtrend.
- Price Forecast: If the pair drops below 1.3100, it could target the July 17 high at 1.3043, followed by 1.3000 and the 50-DMA at 1.2894. On the upside, sustaining above 1.3100 could lead to a bullish continuation towards 1.3155 and 1.3200.
- Market Impact: Stay updated on economic data releases and market trends to make informed decisions about your investments in the GBP/USD pair.