GBP/USD Price Forecast: Pound bulls fail to find follow-through above 1.3450
- GBP/USD trims some gains on Tuesday after failing to extend gains past 1.3450.
- Fed's Waller provided a moderate boost to the US Dollar, flagging a 50-basis-point rate hike in December.
- Technically, the pair maintains the constructive bias from mid-October lows intact.
The British Pound (GBP) is trimming some gains on Tuesday, with the US Dollar (USD) drawing support from hawkish comments by the Federal Reserve (Fed) Governor, Christopher Waller, earlier in the day. GBP/USD dips, however, remain contained above 1.3420 so far, with the pair holding most of the gains taken on Monday.
Waller provided some support to the US Dollar earlier Tuesday, hinting at the possibility of a 50 basis-point rate hike in December if consumer inflation remains at high levels.
Preliminary US Consumer Price Index data from October is due in a few minutes, but it will lack year-on-year figures due to the 2025 Federal Government shutdown, failing to deliver a key element to assess the central bank’s next monetary policy steps. The impact on US Dollar crosses, therefore, is likely to be limited.
Technical Analysis: The Bullish trend remains in play, with momentum fading
GBP/USD trades at 1.3424 with the constructive structure still in play, but with the immediate bias turning neutral. The four-hour chart shows the Relative Strength Index (RSI) is easing towards the 50 midline, with a marginally positive Moving Average Convergence Divergence (MACD) reading.
Bulls have been capped a few pips above 1.3450 on Tuesday, closing the path towards last week's highs around 1.3500, and the stronger resistance area around 1.3570, where the September peak crosses the top of the upward channel from the mid-October lows.
On the downside, first support emerges at the channel bottom, now around 1.3360, and the November 6 low, near 1.3340. A break below that zone cancels the bullish view and would open the way toward the late October low, near 1.3270, and the year-to-date (YTD) lows around 1.3140.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.13% | 0.17% | 0.08% | 0.31% | 0.05% | 0.15% | |
| EUR | -0.06% | 0.06% | 0.11% | 0.03% | 0.24% | -0.01% | 0.08% | |
| GBP | -0.13% | -0.06% | 0.04% | -0.04% | 0.17% | -0.09% | 0.02% | |
| JPY | -0.17% | -0.11% | -0.04% | -0.09% | 0.13% | -0.13% | -0.03% | |
| CAD | -0.08% | -0.03% | 0.04% | 0.09% | 0.22% | -0.05% | 0.05% | |
| AUD | -0.31% | -0.24% | -0.17% | -0.13% | -0.22% | -0.26% | -0.17% | |
| NZD | -0.05% | 0.00% | 0.09% | 0.13% | 0.05% | 0.26% | 0.10% | |
| CHF | -0.15% | -0.08% | -0.02% | 0.03% | -0.05% | 0.17% | -0.10% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
