• Cable slides 0.17%, unable to sustain gains against a strengthening US Dollar Index, now at 106.36.
  • GBP/USD's failure to surpass the 200-day SMA at 1.2820 signals potential for further pullback.
  • Downward pressure increases, with possible support targets at 1.2600 and the November 22 low of 1.2486.

The Pound Sterling tumbled after failing to clear the 1.2800 figure for the third consecutive day, trading at 1.2720, down over 0.17% daily. Cable erased its earlier minuscule gains amid a session characterized by US Dollar strength, with the US Dollar Index (DXY) up over 0.19%, at 106.36.

GBP/USD Price Forecast: Technical outlook

The GBP/USD consolidates as it recovers from falling to multi-month lows at around 1.2480s. On its way north, the pair cleared the 1.2600 figure and November 29 peak of 1.2749 before aiming toward the December 6 high at 1.2811. The failure to extend its gains past the 200-day Simple Moving Average (SMA) of 1.2820 opened the door for a pullback to current spot prices.

On the other hand, sellers are moving in, as shown by the Relative Strength Index (RSI) punching below its neutral line, indicating that they’re gathering steam. If GBP/USD drops below 1.2700, the pair could slide towards 1.2600 before challenging the November 22 swing low of 1.2486.

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 New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.46% 0.17% 0.55% 0.15% 1.03% 1.15% 0.44%
EUR -0.46%   -0.28% 0.08% -0.32% 0.57% 0.69% -0.01%
GBP -0.17% 0.28%   0.33% -0.03% 0.85% 0.97% 0.27%
JPY -0.55% -0.08% -0.33%   -0.39% 0.50% 0.60% -0.09%
CAD -0.15% 0.32% 0.03% 0.39%   0.89% 1.01% 0.31%
AUD -1.03% -0.57% -0.85% -0.50% -0.89%   0.12% -0.58%
NZD -1.15% -0.69% -0.97% -0.60% -1.01% -0.12%   -0.69%
CHF -0.44% 0.01% -0.27% 0.09% -0.31% 0.58% 0.69%  

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).

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops below 1.0450 as USD gathers strength

EUR/USD drops below 1.0450 as USD gathers strength

EUR/USD stays on the back foot and trades below 1.0450 on Wednesday. The cautious market stance helps the US Dollar (USD) stay resilient against its rivals and weighs on the pair as markets wait for the Federal Reserve to publish the minutes of the January policy meeting.

EUR/USD News
Gold climbs to new all-time high near $2,950

Gold climbs to new all-time high near $2,950

Gold retreats slightly from the all-time high it touched at $2,947 but manages to stay above $2,930 on Wednesday. The benchmark 10-year US Treasury bond yield clings to modest gains above 4.55%, limiting XAU/USD's upside. 

Gold News
GBP/USD retreats below 1.2600 despite strong UK inflation data

GBP/USD retreats below 1.2600 despite strong UK inflation data

GBP/USD struggles to hold its ground and trades in the red below 1.2600 on Wednesday. Earlier in the day, the data from the UK showed that the annual CPI inflation climbed to 3% in January from 2.5% in December. Market focus shifts to FOMC Minutes.

GBP/USD News
Fed Minutes to offer clues on slower rate cuts outlook in 2025

Fed Minutes to offer clues on slower rate cuts outlook in 2025

The Minutes of the Fed’s January 28-29 policy meeting will be published on Wednesday. Details surrounding the discussions on the decision to keep policy settings unchanged will be scrutinized by investors.

Read more
Money market outlook 2025: Trends and dynamics in the Eurozone, US, and UK

Money market outlook 2025: Trends and dynamics in the Eurozone, US, and UK

We delve into the world of money market funds. Distinct dynamics are at play in the US, eurozone, and UK. In the US, repo rates are more attractive, and bills are expected to appreciate. It's also worth noting that the Fed might cut rates more than anticipated, similar to the UK. In the eurozone, unsecured rates remain elevated.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025