- GBP/USD is holding below 1.3100, with price action suggesting caution from buyers amid uncertainty surrounding the Federal Reserve’s interest rate cut.
- A break of the 1.3100 level could lead to a yearly high of 1.3130, with further gains towards 1.3200.
- A close below 1.3100 for a second straight day could trigger a pullback, potentially testing the 1.3010 level and the Aug. 13 high at 1.2872.
Sterling held on to marginal gains against the Greenback on Thursday, despite UK economic data showing business activity remains hearty. At the time of writing, GBP/USD is trading at 1.3097, up 0.10%.
GBP/USD Price Forecast: Technical Outlook
After breaking through the 1.3100 level, GBP/USD has pulled back a bit but is still holding below the latter. Price action over the past few days suggests that buyers are still reluctant to open novel bets that the pound will continue its gains amid uncertainty over a rate cut by the Fed.
If the GBP/USD pair breaks above the 1.3100 level and breaks through the yearly high of 1.3130, a breakout of the 1.3200 barrier can be expected.
On the other hand, if the pair closes below 1.3100 for a second consecutive day, it could pave the way for a pullback and threaten to challenge the August 20 low at 1.3010. If it is breached, the next area of ​​demand would be the August 13 high at 1.2872.
GBP/USD Price Action – Daily Chart
British pound exchange rate today
The table below shows the percentage change in the British Pound (GBP) against the major currencies traded today. The British Pound was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.35% | -0.03% | 0.75% | 0.04% | 0.50% | 0.29% | 0.07% | |
| EUR | -0.35% | -0.38% | 0.37% | -0.33% | 0.16% | -0.08% | -0.28% | |
| GBP | 0.03% | 0.38% | 0.75% | 0.06% | 0.54% | 0.30% | 0.09% | |
| JPY | -0.75% | -0.37% | -0.75% | -0.78% | -0.23% | -0.46% | -0.66% | |
| BOOR | -0.04% | 0.33% | -0.06% | 0.78% | 0.47% | 0.24% | 0.03% | |
| AUD | -0.50% | -0.16% | -0.54% | 0.23% | -0.47% | -0.22% | -0.44% | |
| NZD | -0.29% | 0.08% | -0.30% | 0.46% | -0.24% | 0.22% | -0.22% | |
| CHF | -0.07% | 0.28% | -0.09% | 0.66% | -0.03% | 0.44% | 0.22% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you select the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
