- GBP/USD is trading above 1.2900, down 0.13%, approaching key support at 1.2860.
- Bearish momentum is observed as the RSI slope is pointing downwards, indicating possible further declines.
- Key Support Levels: 1.2860 (June 12 high) and 1.2779 (July 10 low), with further declines towards the 100-day SMA at 1.2678.
The British Pound extended its losses during the North American session against the US Dollar on Tuesday, holding on to the 1.2900 figure after hitting a 7-day high of 1.2887. Traders are eyeing the next key support level of 1.2860. At the time of writing, GBP/USD is trading at 1.2914, down 0.13%.
GBP/USD Price Analysis: Technical Outlook
After a five-day consolidation that saw GBP/USD hit a yearly high of 1.3044, a bearish candle high followed that sent the pair from around the 1.3000 mark towards the 1.2940 mark before falling deeper towards the 1.2900 figure.
Momentum, as shown by the RSI, remains bullish, but in the short term, sellers have stepped in as the slope of the RSI is pointing downwards.
Therefore, GBP/USD could continue to decline, but first, market participants need to push the exchange rate below 1.2900. In that case, the next support could be the high of June 12 at 1.2860, followed by the low of July 10 at 1.2779. A further decline towards the 100-day moving average (SMA) at 1.2678 is foreseen.
On the other hand, if buyers push the exchange rate above 1.2940, the next resistance would be 1.3000.
GBP/USD Price Action – Daily Chart
Pound Sterling PRICE Today
The table below shows the exchange rate of the British Pound (GBP) against major currencies today. The British Pound was the strongest currency against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.42% | 0.20% | -0.66% | 0.10% | 0.42% | 0.45% | 0.31% | |
| EUR | -0.42% | -0.22% | -1.07% | -0.32% | -0.01% | 0.01% | -0.10% | |
| GBP | -0.20% | 0.22% | -0.85% | -0.09% | 0.23% | 0.24% | 0.10% | |
| JPY | 0.66% | 1.07% | 0.85% | 0.78% | 1.08% | 1.09% | 0.94% | |
| CAD | -0.10% | 0.32% | 0.09% | -0.78% | 0.31% | 0.32% | 0.19% | |
| AUD | -0.42% | 0.01% | -0.23% | -1.08% | -0.31% | 0.02% | -0.13% | |
| NZD | -0.45% | -0.01% | -0.24% | -1.09% | -0.32% | -0.02% | -0.14% | |
| CHF | -0.31% | 0.10% | -0.10% | -0.94% | -0.19% | 0.13% | 0.14% |
The heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the chart will represent the GBP (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
