GBP/USD Price Forecast: Hovers below 1.2700 barrier near three-month highs
- GBP/USD could target the immediate barrier at the three-month high of 1.2724.
- The 14-day RSI stays above 50, signaling sustained bullish momentum.
- The primary support appears at the nine-day EMA of 1.2639.
The GBP/USD pair edges lower after registering gains in the previous session, hovering around 1.2680 during Tuesday’s Asian hours. Technical analysis of the daily chart suggests a continued bullish bias, with the pair maintaining its position within an ascending channel pattern.
The 14-day Relative Strength Index (RSI) remains above 50, indicating strengthened bullish momentum. Moreover, the GBP/USD pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMAs), reinforcing strong short-term price dynamics and confirming the ongoing upward trend.
The GBP/USD pair may challenge immediate resistance at the three-month high of 1.2724, reached on March 3, followed by the ascending channel’s upper boundary near 1.2780. A decisive breakout above this level could reinforce the bullish outlook, potentially driving the pair toward the psychological resistance at 1.2800.
On the downside, the GBP/USD pair is likely to find initial support at the nine-day EMA of 1.2639, followed by the 14-day EMA at 1.2613. A break below these levels could weaken short-term price momentum, potentially driving the pair toward the ascending channel’s lower boundary near 1.2560.
A decisive break below the channel could weaken the bullish bias, potentially exposing the pair to the three-month low of 1.2249, last seen on February 3.
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 weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.09% | 0.13% | -0.25% | -0.00% | 0.39% | 0.26% | 0.02% | |
| EUR | -0.09% | 0.04% | -0.33% | -0.09% | 0.30% | 0.17% | -0.08% | |
| GBP | -0.13% | -0.04% | -0.38% | -0.14% | 0.26% | 0.13% | -0.11% | |
| JPY | 0.25% | 0.33% | 0.38% | 0.24% | 0.64% | 0.50% | 0.27% | |
| CAD | 0.00% | 0.09% | 0.14% | -0.24% | 0.39% | 0.27% | 0.02% | |
| AUD | -0.39% | -0.30% | -0.26% | -0.64% | -0.39% | -0.13% | -0.37% | |
| NZD | -0.26% | -0.17% | -0.13% | -0.50% | -0.27% | 0.13% | -0.24% | |
| CHF | -0.02% | 0.08% | 0.11% | -0.27% | -0.02% | 0.37% | 0.24% |
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.
