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.
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
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
