GBP/USD Price Forecast: Edges up, stabilizes near 1.2250

Pound closes slightly below Tuesday's high, consolidating between 1.2210 and 1.2240.
Resistance at 1.2299; above 1.2250 could extend gains to 1.2351.
Break below 1.2200 may renew selling, targeting supports at 1.2136 and 1.2099.

Christian Borjon Valencia FXStreet

The Pound Sterling posted modest gains on Wednesday after hit seesawing in a wide range of 1.2154 - 1.2306 during the day, yet stabilized at current exchange rates. At the time of writing, the GBP/USD trades at 1.2241, set to close below Tuesday’s high of 1.2249.

GBP/USD Price Forecast: Technical outlook

The GBP/USD downtrend remains in place, although it consolidated at around 1.2210 - 1.2240. During the session, buyers tested strong resistance at the April 22 low of 1.2299 before retreating beneath 1.2250. Should they hold to gains above the latter, they could challenge 1.2299 before targeting 1.2351, the January 2 swing low that turned resistance. Further upside is at 1.2400.

The downtrend could resume once sellers clear 1.2200. Once cleared, the next support would be the January 14 low of 1.2136, followed by the January 13 bottom of 1.2099.

GBP/USD Price Chart - Daily

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 Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.00%	-0.00%	0.00%	-0.00%	-0.00%	-0.01%	0.01%
EUR	0.00%		-0.01%	0.02%	0.00%	-0.01%	0.00%	0.01%
GBP	0.00%	0.00%		0.04%	0.00%	0.00%	-0.01%	0.00%
JPY	0.00%	-0.02%	-0.04%		-0.01%	-0.02%	-0.02%	-0.02%
CAD	0.00%	0.00%	-0.00%	0.00%		-0.00%	-0.01%	0.00%
AUD	0.00%	0.00%	-0.00%	0.02%	0.00%		0.00%	0.00%
NZD	0.00%	0.00%	0.00%	0.02%	0.00%	-0.00%		0.00%
CHF	-0.01%	-0.01%	-0.01%	0.02%	-0.00%	-0.00%	-0.01%

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

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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