The GBP/USD pair is on the rise, bouncing off 1.3114 and gaining over 0.18% as expectations of a 50 basis point rate cut by the US Federal Reserve grow. Currently trading at 1.3147, the pair is showing bullish momentum supported by a rising RSI.
GBP/USD Price Forecast: Technical Analysis
After hitting a weekly low of 1.3001, the GBP/USD resumed its uptrend with buyers stepping in. The RSI is pointing upwards after crossing the 50 neutral line, indicating further upside potential. A break above 1.3150 could lead to targets at 1.3200, 1.3239, and the YTD high of 1.3266. On the downside, a drop below 1.3114 may expose levels at 1.3100 and 1.3031.
GBP/USD Price Action – Daily Chart
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world, with key trading pairs including GBP/USD and GBP/JPY. The value of GBP is influenced by monetary policy, economic data releases, and the Trade Balance indicator.