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GBP/USD Price Forecast: Tests 1.3450 support after moving below nine-day EMA

  • GBP/USD may rebound above the nine-day EMA of 1.3462.
  • The 14-day Relative Strength Index remains positive at 61.0 and is not overbought.
  • Further declines would open the way toward the 50-day EMA at 1.3351.

GBP/USD remains subdued for the second consecutive day, trading around 1.3460 during the Asian hours on Wednesday. The technical analysis of the daily chart indicates a weakening of a bullish bias as the pair is positioned slightly below the lower boundary of the ascending channel pattern.

The nine-day Exponential Moving Average (EMA) trends above the 50-day EMA, preserving a bullish bias. The GBP/USD pair hovers just beneath the short-term average while holding well above the rising medium-term average, signaling ongoing trend support. Additionally, the 14-day Relative Strength Index (RSI) at 61.0 stays positive and is not overbought.

A rebound above the nine-day EMA of 1.3462 would lead the GBP/USD pair to target the three-month high of 1.3534, reached on December 24. A daily close above 1.3534 could open a move toward the upper boundary of the ascending channel around 1.3690.

A pullback below the short-term average and the channel would expose the 50-day EMA at 1.3351 as first trend support and temper upside momentum. Further declines would put downward pressure on the GBP/USD pair to navigate the region around the eight-month low of 1.3010.

GBP/USD: Daily Chart

(The technical analysis of this story was written with the help of an AI tool.)

Pound Sterling 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 US Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.06%0.02%0.09%0.01%0.05%0.26%0.03%
EUR-0.06%-0.05%0.04%-0.05%-0.01%0.19%-0.03%
GBP-0.02%0.05%0.08%-0.00%0.03%0.24%0.03%
JPY-0.09%-0.04%-0.08%-0.07%-0.04%0.17%-0.03%
CAD-0.01%0.05%0.00%0.07%0.03%0.22%0.05%
AUD-0.05%0.01%-0.03%0.04%-0.03%0.21%-0.01%
NZD-0.26%-0.19%-0.24%-0.17%-0.22%-0.21%-0.21%
CHF-0.03%0.03%-0.03%0.03%-0.05%0.00%0.21%

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

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.

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