The GBP/USD pair is sliding towards a critical support level at 1.3044, with momentum indicating further downside in the near term. The Relative Strength Index (RSI) is turning bearish, suggesting potential losses with key support at 1.3000 and the 50-day moving average (DMA) at 1.2940.
Buyers will need to surpass resistance at 1.3143 to take back control and target the 1.3200 level. However, the pair is currently trading at 1.3052, down 0.17%, after hitting a daily high of 1.3107 following a positive UK jobs report.
Technical Outlook for GBP/USD
If the GBP/USD continues its descent towards the July 17 peak at 1.3044, further losses could be on the horizon. Momentum is in favor of sellers, with the RSI showing a bearish trend. The path of least resistance for the pair is downwards, with initial support at 1.3044, followed by 1.3000 and the 50-DMA at 1.2940.
To regain control, buyers must break above the September 9 high at 1.3143 and aim for the 1.3200 mark.
GBP/USD Price Action – Daily Chart
British Pound PRICE Today
The table below illustrates the percentage change of the British Pound (GBP) against major currencies today. The Pound showed strength against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.14% | 0.14% | -0.40% | 0.35% | 0.24% | -0.03% | -0.23% | |
| EUR | -0.14% | 0.00% | -0.52% | 0.20% | 0.09% | -0.22% | -0.38% | |
| GBP | -0.14% | 0.00% | -0.52% | 0.17% | 0.11% | -0.21% | -0.36% | |
| JPY | 0.40% | 0.52% | 0.52% | 0.71% | 0.62% | 0.32% | 0.15% | |
| CAD | -0.35% | -0.20% | -0.17% | -0.71% | -0.12% | -0.38% | -0.56% | |
| AUD | -0.24% | -0.09% | -0.11% | -0.62% | 0.12% | -0.29% | -0.46% | |
| NZD | 0.03% | 0.22% | 0.21% | -0.32% | 0.38% | 0.29% | -0.17% | |
| CHF | 0.23% | 0.38% | 0.36% | -0.15% | 0.56% | 0.46% | 0.17% |
Analysis and Breakdown
The GBP/USD pair is currently facing downward pressure, with key support levels at 1.3044, 1.3000, and the 50-DMA at 1.2940. Momentum is favoring sellers in the short term, as indicated by the bearish RSI. To reverse this trend, buyers need to break above the resistance at 1.3143 and target 1.3200. Understanding these technical levels and indicators can help traders make informed decisions about their investments in the GBP/USD pair.