• GBP/USD declines after struggling at 1.2700, following weak US housing data and strong USD.
  • Technical outlook shows bearish momentum with an 'evening star' pattern and RSI indicating further downside.
  • Key support levels are the 50-DMA at 1.2636, 1.2600, and 200-DMA at 1.2555.
  • For a bullish reversal, GBP/USD needs to surpass 1.2700 and clear resistance at 1.2730/40.

The Pound Sterling lost ground versus the Greenback on Wednesday following the release of US housing data, which highlights the sector's weakness, yet the buck trades at around 8-week highs, as shown by the US Dollar Index (DXY). The GBP/USD trades at 1.2642, down 0.34%.

GBP/USD Price Analysis: Technical outlook

In Tuesday’s article, I wrote, “The pair formed a ‘bullish piercing’ pattern, hinting that traders could challenge the next resistance seen at 1.2700, yet buyers remain reluctant to lift the GBP/USD towards that level.”

The GBP/USD was unable to reach 1.2700 and has broken below Tuesday’s low of 1.2670, printing a new weekly low of 1.2627, after a three-candlestick chart pattern ‘evening star’ emerged.

Momentum supports sellers, as shown by the Relative Strength Index (RSI), which remains bearish and aims lower.

Therefore, the GBP/USD path of least resistance is downwards. It will face the next support level at the 50-DMA at 1.2636. Once that area is surpassed, the psychological 1.2600 mark will follow, ahead of the 200-DMA at 1.2555.

For a bullish continuation, traders must claim 1.2700 and clear a previous support trendline turned resistance at around 1.2730/40.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2623
Today Daily Change -0.0063
Today Daily Change % -0.50
Today daily open 1.2686
 
Trends
Daily SMA20 1.2729
Daily SMA50 1.2634
Daily SMA100 1.2642
Daily SMA200 1.2559
 
Levels
Previous Daily High 1.2703
Previous Daily Low 1.267
Previous Weekly High 1.274
Previous Weekly Low 1.2623
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1.269
Daily Fibonacci 61.8% 1.2683
Daily Pivot Point S1 1.267
Daily Pivot Point S2 1.2654
Daily Pivot Point S3 1.2638
Daily Pivot Point R1 1.2703
Daily Pivot Point R2 1.2719
Daily Pivot Point R3 1.2735

 

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 New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.30% 0.47% 0.59% 0.25% -0.06% 0.58% 0.29%
EUR -0.30%   0.16% 0.27% -0.08% -0.35% 0.29% -0.01%
GBP -0.47% -0.16%   0.10% -0.23% -0.52% 0.15% -0.21%
JPY -0.59% -0.27% -0.10%   -0.34% -0.65% 0.01% -0.32%
CAD -0.25% 0.08% 0.23% 0.34%   -0.34% 0.35% 0.02%
AUD 0.06% 0.35% 0.52% 0.65% 0.34%   0.65% 0.35%
NZD -0.58% -0.29% -0.15% -0.01% -0.35% -0.65%   -0.33%
CHF -0.29% 0.01% 0.21% 0.32% -0.02% -0.35% 0.33%  

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).

 

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