GBP/USD Price Forecast: Reaches new multi-year high above 1.3200
- GBP/USD uptrend remains intact as long as it stays above 1.3043.
- If buyers reclaim 1.3298, that will expose March 2022 peak at 1.3437.
- A dip below 1.3200 will expose further support levels, like August 22, 1.3130 and the 1.3100 figure.
The Pound Sterling extended its gains and refreshed multi-year highs at around 1.3246 on Tuesday as the Greenback failed to recover following a surprisingly dovish tilt by Fed Chair Jerome Powell at his Jackson Hole speech. Investors increased their bets that the US central bank will lower rates at the September meeting, a tailwind for the GBP/USD. The pair exchanged hands at 1.3239 and is up by 0.40%.
GBP/USD Price Forecast: Technical outlook
The uptrend in the GBP/USD continues even though the Relative Strength Index (RSI) is overbought, which could cap the pair’s advance higher. Nevertheless, reclaiming the top trendline of an ascending channel could put into play the test of the March 22, 2022, peak at 1.3298 before challenging higher prices.
In that outcome, the GBP/USD's next resistance would be 1.3300. Once surpassed, the March 1, 2022, daily high would emerge at 1.3437.
Conversely, a dip below 1.3200 can send the GBP/USD towards the August 22 high at 1.3130 ahead of 1.3100. On further weakness, the next support would be the July 17 peak turned support at 1.3044.
GBP/USD Price Action – 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 strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.38% | -0.17% | -0.27% | -0.18% | -0.50% | -0.47% | |
| EUR | 0.08% | -0.30% | -0.10% | -0.20% | -0.09% | -0.45% | -0.40% | |
| GBP | 0.38% | 0.30% | 0.21% | 0.12% | 0.21% | -0.13% | -0.09% | |
| JPY | 0.17% | 0.10% | -0.21% | -0.08% | 0.00% | -0.34% | -0.30% | |
| CAD | 0.27% | 0.20% | -0.12% | 0.08% | 0.09% | -0.25% | -0.20% | |
| AUD | 0.18% | 0.09% | -0.21% | -0.01% | -0.09% | -0.35% | -0.30% | |
| NZD | 0.50% | 0.45% | 0.13% | 0.34% | 0.25% | 0.35% | 0.03% | |
| CHF | 0.47% | 0.40% | 0.09% | 0.30% | 0.20% | 0.30% | -0.03% |
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.
