GBP/USD Price Forecast: Rises toward highs since February 2022 near 1.3450
- GBP/USD faces an immediate barrier at 1.3445, the highest level since February 2022.
- The 14-day Relative Strength Index (RSI) rises above 50, strengthening a bullish bias.
- The initial support appears at the nine-day EMA of 1.3339.
The GBP/USD pair extends its winning streak for the third successive session, trading around 1.3430 during Wednesday's Asian hours. The technical analysis of the daily chart suggests a persistent bullish bias as the pair remains within an ascending channel pattern.
However, the GBP/USD pair continues to rise above the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) is rising above 50, reinforcing a bullish bias.
The GBP/USD pair encounters immediate resistance at 1.3445, reached on April 28, and the highest level since February 2022. A break above this level could improve the market sentiment and support the pair to explore the region around the upper boundary of the ascending channel at 1.3890.
On the downside, the GBP/USD pair may target the primary support at the nine-day EMA of 1.3339, followed by the ascending channel’s lower boundary at 1.3270. A successful break below this crucial support zone could weaken the bullish bias and put downward pressure on the pair to test the 50-day EMA at 1.3147.
Further depreciation would lead the medium-term price momentum to weaken and put downward pressure on the pair to navigate the region around its monthly low at 1.2708, recorded on April 7. Further support appears at the two-month low of 1.2577, recorded on March 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 strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.43% | -0.30% | -0.56% | -0.19% | -0.43% | -0.41% | -0.75% | |
| EUR | 0.43% | 0.13% | -0.16% | 0.22% | 0.02% | 0.02% | -0.32% | |
| GBP | 0.30% | -0.13% | -0.29% | 0.11% | -0.10% | -0.10% | -0.47% | |
| JPY | 0.56% | 0.16% | 0.29% | 0.36% | 0.13% | 0.14% | -0.20% | |
| CAD | 0.19% | -0.22% | -0.11% | -0.36% | -0.24% | -0.20% | -0.57% | |
| AUD | 0.43% | -0.02% | 0.10% | -0.13% | 0.24% | 0.01% | -0.34% | |
| NZD | 0.41% | -0.02% | 0.10% | -0.14% | 0.20% | -0.01% | -0.36% | |
| CHF | 0.75% | 0.32% | 0.47% | 0.20% | 0.57% | 0.34% | 0.36% |
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.
