The Pound Sterling Struggles Against the US Dollar
The GBP/USD pair continues to face pressure as it tests significant support levels, especially after crossing below the 200-day Simple Moving Average (SMA). Here’s what you need to know:
- Current Situation: The Pound Sterling is on a six-day losing streak against the Greenback, trading at 1.2636, down 0.22%. Soft UK GDP numbers and strong US Retail Sales data have favored the US Dollar over the British Pound.
- Key Support Levels: Further downside could see the pair targeting 1.2600 and potentially extending to May’s low of 1.2445.
- Possible Recovery: If GBP/USD manages to recover and rise above 1.2700, it could challenge resistance at 1.2817. The Relative Strength Index (RSI) indicates a potential consolidation phase ahead, with the RSI nearing oversold conditions and shifting flat.
Technical Outlook for GBP/USD
When it comes to technical analysis, the GBP/USD pair is considered bearish-biased once it falls below the 200-day SMA. Here’s what to watch for:
- Support Levels: A daily close below 1.2664 would open the door to further downside, with key support levels at 1.2600, 1.2445, and the year-to-date low at 1.2299.
- Resistance Levels: If GBP/USD manages to recover, resistance levels to watch include 1.2700, 1.2817 (200-day SMA), and 1.2900.
GBP/USD Price Chart Analysis
British Pound PRICE Today
The table below shows the percentage change of the British Pound (GBP) against major currencies today. The British Pound performed strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.25% | 0.16% | -0.98% | 0.11% | -0.22% | -0.35% | -0.35% | |
| EUR | 0.25% | 0.40% | -0.75% | 0.36% | 0.03% | -0.10% | -0.10% | |
| GBP | -0.16% | -0.40% | -1.15% | -0.03% | -0.37% | -0.50% | -0.50% |
The heat map illustrates the percentage changes of major currencies against each other, providing valuable insights into currency movements and trends.