GBP/USD Price Forecast: Tests 1.3500, nine-day EMA barrier ahead of UK Retail Sales data
- GBP/USD may find initial resistance at the nine-day EMA of 1.3501.
- The 14-day Relative Strength Index remains above 50, strengthening bullish bias.
- The primary support appears at the lower boundary of the ascending channel around 1.3410.
The GBP/USD pair continues to gain ground for the second successive session, trading around 1.3500 during the Asian hours on Friday. The bullish bias persists as the daily chart’s technical analysis indicates that the pair remains within the ascending channel pattern.
Additionally, the 14-day Relative Strength Index (RSI) is positioned above 50, indicating strengthening of the bullish bias. However, the GBP/USD pair remains below the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is still weaker.
On the upside, the immediate resistance appears at the nine-day EMA of 1.3501. A break above this level would strengthen the short-term price momentum and support the GBP/USD pair to test the resistance at 1.3632, the highest since February 2022 marked on June 13. A break above this level could prompt the pair to explore the region around the upper boundary of the ascending channel at 1.3750.
The GBP/USD pair may find the primary support at the ascending channel’s lower boundary around 1.3410, followed by the 50-day EMA at 1.3363. A successful breach below this crucial support zone would weaken the medium-term price momentum and put downward pressure on the pair to navigate the region around the 10-week low at 1.3139, recorded on May 12.
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 | -0.30% | -0.20% | -0.16% | -0.16% | -0.33% | -0.20% | -0.11% | |
| EUR | 0.30% | 0.08% | 0.13% | 0.14% | 0.14% | 0.12% | 0.21% | |
| GBP | 0.20% | -0.08% | 0.14% | 0.07% | 0.07% | 0.01% | 0.13% | |
| JPY | 0.16% | -0.13% | -0.14% | 0.06% | -0.17% | -0.18% | 0.00% | |
| CAD | 0.16% | -0.14% | -0.07% | -0.06% | -0.13% | -0.26% | 0.06% | |
| AUD | 0.33% | -0.14% | -0.07% | 0.17% | 0.13% | 0.25% | 0.06% | |
| NZD | 0.20% | -0.12% | -0.01% | 0.18% | 0.26% | -0.25% | 0.09% | |
| CHF | 0.11% | -0.21% | -0.13% | -0.00% | -0.06% | -0.06% | -0.09% |
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.
