- GBP/USD is above a descending channel, suggesting a weakening bearish sentiment.
- The upper boundary of the descending channel is the main support near the 1.2540 level.
- Immediate resistance appears at the nine-day EMA at 1.2565.
GBP/USD is making up for its recent losses and is hovering around 1.2550 during European hours on Tuesday. Analysis of the daily charts suggests a weakening bearish bias as the pair moves above the upper boundary of the descending channel formation.
However, the 14-day Relative Strength Index (RSI) remains below the 50 level, suggesting a persistent bearish bias. Additionally, GBP/USD is trading below the nine- and 14-day exponential moving averages (EMAs), suggesting weaker near-term price momentum. A decisive break above these EMAs may indicate a change in sentiment from bearish to bullish.
On the other hand, the GBP/USD pair is testing the upper boundary of the descending channel near the 1.2540 level. A return to the channel would strengthen the bearish bias, potentially pushing the pair towards the seven-month low of 1.2487, last recorded on November 22.
A decisive break below the seven-month low could intensify the bearish momentum, potentially pushing GBP/USD towards the yearly low of 1.2299, last seen on April 22. Further declines may head towards the lower boundary of the descending channel near the 1.2160 level.
On the other hand, GBP/USD is testing the immediate barrier with its nine-day exponential moving average (EMA) at 1.2565, followed by the 14-day EMA at 1.2585. A successful break above these levels could strengthen bullish momentum, paving the way for a move towards the six-week high of 1.2811 reached on December 6.
GBP/USD: Daily chart
PRICE OF THE British Pound today
The table below shows the current percentage change of the British Pound (GBP) against the major listed currencies. The British pound was strongest against the New Zealand dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | -0.04% | -0.50% | 0.14% | 0.06% | 0.18% | -0.05% | |
| EUR | 0.12% | 0.09% | -0.36% | 0.26% | 0.18% | 0.30% | 0.06% | |
| GBP | 0.04% | -0.09% | -0.47% | 0.17% | 0.10% | 0.23% | -0.03% | |
| JPY | 0.50% | 0.36% | 0.47% | 0.67% | 0.57% | 0.69% | 0.48% | |
| BOOR | -0.14% | -0.26% | -0.17% | -0.67% | -0.09% | 0.03% | -0.20% | |
| AUD | -0.06% | -0.18% | -0.10% | -0.57% | 0.09% | 0.12% | -0.12% | |
| NZD | -0.18% | -0.30% | -0.23% | -0.69% | -0.03% | -0.12% | -0.24% | |
| CHF | 0.05% | -0.06% | 0.03% | -0.48% | 0.20% | 0.12% | 0.24% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select British Pound from the left column and move along the horizontal line to US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
