The Pound Sterling has surged above 1.3140, showing short-term strength against the US Dollar. With the Relative Strength Index (RSI) favoring buyers, the path seems clear for further gains. If the currency pair manages to clear 1.3200, it could target the year-to-date peak of 1.3266 and even aim for 1.3300. On the flip side, a drop below 1.3140 could lead to tests of support levels at 1.3100 and 1.3043.
GBP/USD Price Forecast: Technical Analysis
Following a bounce from the weekly low of 1.3087, the GBP/USD pair is on an upward trajectory, currently trading at 1.3163. The recent move was supported by weak US jobs data, increasing the chances of a 50-basis points rate cut by the Federal Reserve. The currency pair remains bullish, with buyers gaining short-term momentum as indicated by the RSI.
If the bulls manage to break above 1.3200, the next targets would be the YTD peak of 1.3266, followed by 1.3300 and the March 23, 2022, high at 1.3437. Conversely, a break below 1.3140 could trigger a test of support levels at 1.3100, 1.3043, and the 50-day moving average at 1.2905.
GBP/USD Price Action – Daily Chart
British Pound PRICE Today
The table below displays the percentage change of the British Pound (GBP) against major currencies today. The Pound was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.38% | -0.39% | -0.95% | -0.34% | -0.47% | -0.38% | -0.24% | |
| EUR | 0.38% | 0.00% | -0.51% | 0.06% | -0.08% | 0.03% | 0.14% | |
| GBP | 0.39% | -0.01% | -0.49% | 0.05% | -0.09% | 0.04% | 0.12% | |
| JPY | 0.95% | 0.51% | 0.49% | 0.55% | 0.41% | 0.50% | 0.64% | |
| CAD | 0.34% | -0.06% | -0.05% | -0.55% | -0.15% | -0.02% | 0.07% | |
| AUD | 0.47% | 0.08% | 0.09% | -0.41% | 0.15% | 0.11% | 0.23% | |
| NZD | 0.38% | -0.03% | -0.04% | -0.50% | 0.02% | -0.11% | 0.10% | |
| CHF | 0.24% | -0.14% | -0.12% | -0.64% | -0.07% | -0.23% | -0.10% |
Analysis and Conclusion
The GBP/USD pair has shown strength by breaking above 1.3140 and could target higher levels if it clears 1.3200. With the RSI favoring buyers, the path seems clear for further gains towards the YTD peak of 1.3266 and beyond. However, a drop below 1.3140 could lead to tests of key support levels at 1.3100 and 1.3043. Traders should closely monitor these levels to make informed decisions about their positions in the GBP/USD pair.