- GBP/USD has returned to a descending channel formation, signaling a dominant bearish bias.
- The pair could test the nine-month low of 1.2321 recorded on Wednesday.
- Immediate resistance appears at the upper boundary of the descending channel near the nine-day EMA at 1.2449.
The GBP/USD pair remains under pressure for the third session in a row, hovering near 1.2360 during Thursday’s Asian trading hours. The technical analysis of the daily chart highlights the prevailing bearish sentiment, with the pair returning to a descending channel formation.
The 14-day relative strength index (RSI) is approaching the 30 level, signaling increased bearish momentum. Additionally, GBP/USD is trading below the nine- and fourteen-day exponential moving averages (EMAs), reflecting feeble near-term price dynamics.
On the other hand, GBP/USD could test the nine-month low of 1.2321 recorded on January 8, followed by another support level of 1.2299, the lowest since November 2023, last seen on April 22. A break below this level could strengthen bearish sentiment, potentially pushing the pair towards the lower boundary of the descending channel near 1.2050.
On the other hand, GBP/USD may face immediate resistance at the upper boundary of the descending channel near the nine-day EMA at 1.2449 and then the 14-day EMA at 1.2482. A decisive break above this critical resistance zone could raise near-term price momentum, paving the way for a potential move towards the two-month 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 at its weakest against the Japanese yen.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.04% | -0.27% | -0.12% | 0.14% | 0.06% | -0.19% | |
| EUR | 0.03% | 0.07% | -0.23% | -0.09% | 0.18% | 0.09% | -0.16% | |
| GBP | -0.04% | -0.07% | -0.33% | -0.16% | 0.10% | 0.03% | -0.21% | |
| JPY | 0.27% | 0.23% | 0.33% | 0.14% | 0.41% | 0.29% | 0.10% | |
| BOOR | 0.12% | 0.09% | 0.16% | -0.14% | 0.27% | 0.18% | -0.05% | |
| AUD | -0.14% | -0.18% | -0.10% | -0.41% | -0.27% | -0.09% | -0.31% | |
| NZD | -0.06% | -0.09% | -0.03% | -0.29% | -0.18% | 0.09% | -0.22% | |
| CHF | 0.19% | 0.16% | 0.21% | -0.10% | 0.05% | 0.31% | 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 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).
