GBP/USD Price Analysis: Holds position above 1.2900; next support at 14-day EMA

GBP/USD could test the upper boundary of the ascending channel around the level of 1.3000.
Momentum indicators reflect short-term bullish momentum for the pair.
The 14-day EMA at 1.2885 level could act as immediate support, followed by the lower boundary of the ascending channel.

Akhtar Faruqui FXStreet

GBP/USD breaks its two-day losses, trading around 1.2920 in Monday's Asian session. The analysis of the daily chart shows the pair lies within an ascending channel, signaling a bullish trend in the pair's price movements.

Moreover, the Moving Average Convergence Divergence (MACD), a momentum indicator, reflects short-term bullish momentum, with the MACD line above the centerline and the signal line. Additionally, the 14-day Relative Strength Index (RSI) sits above the 50 level, confirming the bullish trend.

In terms of resistance, the GBP/USD pair could test the upper boundary of the ascending channel around the psychological level of 1.3000. A breakthrough above this level could provide support for the pair to revisit the yearly high of 1.3044 level recorded on July 17.

On the downside, the immediate support appears at the 14-day Exponential Moving Average (EMA) at the 1.2885 level, followed by the lower threshold of the ascending channel around the 1.2830 level. A break below the latter could lead the GBP/USD pair to navigate the region around the throwback support level of 1.2615.

GBP/USD: Daily Chart

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.04%	-0.02%	0.03%	0.12%	0.28%	0.37%	0.10%
EUR	0.04%		0.02%	0.05%	0.12%	0.36%	0.36%	0.08%
GBP	0.02%	-0.02%		-0.06%	0.09%	0.35%	0.34%	0.05%
JPY	-0.03%	-0.05%	0.06%		0.11%	0.31%	0.30%	-0.00%
CAD	-0.12%	-0.12%	-0.09%	-0.11%		0.26%	0.26%	-0.02%
AUD	-0.28%	-0.36%	-0.35%	-0.31%	-0.26%		0.00%	-0.30%
NZD	-0.37%	-0.36%	-0.34%	-0.30%	-0.26%	-0.00%		-0.25%
CHF	-0.10%	-0.08%	-0.05%	0.00%	0.02%	0.30%	0.25%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick 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).

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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