- The GBP/USD pair is bouncing off the daily low at 1.3031 and the momentum is changing to bullish as the RSI is pointing upwards.
- Bulls need to break through resistance at 1.3111 and 1.3143 to reach the key psychological level of 1.3200.
- A drop below 1.3000 would expose the 50-DMA at 1.2953, with further support at 1.2872 and 1.2810 (100-DMA).
Sterling rose slightly against the US dollar on Thursday after economic data showed that factory inflation in the United States (US) was slightly higher than expected. That and a weaker US jobs report weighed on the greenback. GBP/USD is trading at 1.3078 after hitting an intraday low of 1.3031.
GBP/USD Price Forecast: Technical Outlook
After falling to a three-week low of 1.3001, GBP/USD rebounded and held in the mid-range of 1.3000-1.3100 after UK economic data showed the economy was calming down.
The momentum shows that buyers are entering the market while the Relative Strength Index (RSI), which was initially expected to turn bearish, has made a 180-degree turn and is heading higher.
If bulls want to regain control, they need to rebound from the 9/11 high at 1.3111. That would expose the current week’s high at 1.3143 and then 1.3200.
Conversely, in the event of continued declines, if GBP/USD falls below 1.3000, the first support will be the 50-day moving average (DMA) at 1.2953. In the event of further weakness, the next stop will be the August 13 high, which has become support at 1.2872, ahead of the hard 1.2810 level, the 100-DMA.
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 Swiss Franc.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.28% | -0.28% | -0.03% | 0.12% | -0.24% | -0.23% | 0.15% | |
| EUR | 0.28% | 0.00% | 0.22% | 0.42% | 0.05% | 0.06% | 0.43% | |
| GBP | 0.28% | -0.01% | 0.00% | 0.41% | 0.04% | 0.05% | 0.43% | |
| JPY | 0.03% | -0.22% | 0.00% | 0.12% | -0.24% | -0.26% | 0.15% | |
| BOOR | -0.12% | -0.42% | -0.41% | -0.12% | -0.36% | -0.37% | 0.01% | |
| AUD | 0.24% | -0.05% | -0.04% | 0.24% | 0.36% | 0.00% | 0.38% | |
| NZD | 0.23% | -0.06% | -0.05% | 0.26% | 0.37% | -0.01% | 0.38% | |
| CHF | -0.15% | -0.43% | -0.43% | -0.15% | -0.01% | -0.38% | -0.38% |
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).
