The Pound Sterling’s Decline Against the Greenback
- GBP/USD sinks further following poor performances in key UK economic indicators and rising geopolitical concerns.
- Technical analysis highlights potential for the pair to test significant supports at 1.2445 and possibly the year-to-date low of 1.2299.
- RSI indicates oversold conditions, suggesting heavy bearish pressure but not yet at extreme levels.
The Pound Sterling has faced a downward trend against the US Dollar for the third consecutive day, dropping by 0.47% due to disappointing UK economic data and escalating geopolitical tensions. The GBP/USD pair is currently trading at 1.2529, after reaching a daily high of 1.2594.
GBP/USD Outlook for the Future
While the GBP/USD remains under pressure, upcoming economic events will play a crucial role in determining its direction. Market sentiment has improved, limiting the Greenback’s gains in the short term.
UK Economic Docket
In the UK, upcoming events include:
- Speech by Bank of England (BoE) Deputy Governor Clare Lombardelli
- Release of the CBI Distributive Trades data
- Car Production figures
- Nationwide Housing Prices report
- Financial Stability Report
US Economic Docket
On the US side, investors are looking out for:
- Housing data
- Release of the Federal Reserve’s meeting minutes
- Durable Goods Orders
- Core Personal Consumption Expenditures (PCE) Price Index
Technical Analysis of GBP/USD
The GBP/USD pair is currently in a downtrend, with potential support levels at 1.2445 and the year-to-date low of 1.2299. The Relative Strength Index (RSI) indicates oversold conditions but has not reached extreme levels, suggesting further bearish momentum.
If the pair breaks below 1.2445, it could test the YTD low of 1.2299. On the upside, a move above 1.2600 may lead to a test of 1.2714 and potentially the 200-day Simple Moving Average at 1.2818.
GBP/USD Price Chart – Daily
British Pound Price Today
The table below displays the percentage change of the British Pound (GBP) against major currencies today. The Pound performed strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.72% | 0.63% | 0.25% | 0.10% | 0.25% | 0.57% | 0.94% | |
| EUR | -0.72% | -0.08% | -0.45% | -0.61% | -0.44% | -0.14% | 0.23% | |
| GBP | -0.63% | 0.08% | -0.37% | -0.53% | -0.38% | -0.06% | 0.31% | |
| JPY | -0.25% | 0.45% | 0.37% | -0.15% | 0.00% | 0.31% | 0.69% | |
| CAD | -0.10% | 0.61% | 0.53% | 0.15% | 0.14% | 0.47% | 0.84% | |
| AUD | -0.25% | 0.44% | 0.38% | 0.00% | -0.14% | 0.33% | 0.72% | |
| NZD | -0.57% | 0.14% | 0.06% | -0.31% | -0.47% | -0.33% | 0.36% | |
| CHF | -0.94% | -0.23% | -0.31% | -0.69% | -0.84% | -0.72% | -0.36% |
The heat map illustrates the percentage changes of major currencies against each other, providing insights into the Pound’s performance against various global currencies.