|

GBP/USD Price Forecast: Tests nine-day EMA barrier near 1.2950 amid a bullish bias

  • GBP/USD tests immediate barrier at nine-day EMA at 1.2938 level.
  • The 14-day RSI reinforces strong bullish momentum as it stays above the 50 mark.
  • The primary support appears at the ascending channel’s lower boundary near 1.2840.

The GBP/USD pair loses ground after registering gains in the previous two sessions, trading around 1.2930 during the Asian hours on Wednesday. The technical analysis of the daily chart indicates a continued bullish bias, with the pair consolidating within an ascending channel pattern.

The 14-day Relative Strength Index (RSI) is positioned above 50, reinforcing strong bullish momentum. However, the GBP/USD pair has broken below the nine-day Exponential Moving Average (EMA), suggesting a bearish shift in the short-term price momentum.

The GBP/USD pair is testing an immediate barrier at the nine-day EMA at the 1.2938 level. A rebound above this level could revive the short-term price momentum, followed by the four-month high at 1.3014, recorded on March 20. Further advancement could reinforce the bullish bias and support the pair to test the ascending channel’s upper boundary near 1.3170.

On the downside, the GBP/USD pair is likely to navigate the region around the ascending channel’s lower boundary near 1.2840, followed by the 50-day EMA at 1.2739. A break below this level could weaken the medium-term price momentum and put downward pressure on the pair to depreciate toward a two-month low at the 1.2249 level, which was recorded on February 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 weakest against the New Zealand Dollar.

 USDEURGBPJPYCADAUDNZDCHF
USD 0.07%0.10%0.41%-0.00%-0.04%-0.18%0.10%
EUR-0.07% 0.03%0.31%-0.08%-0.10%-0.25%0.03%
GBP-0.10%-0.03% 0.31%-0.10%-0.12%-0.28%0.04%
JPY-0.41%-0.31%-0.31% -0.40%-0.45%-0.58%-0.28%
CAD0.00%0.08%0.10%0.40% 0.00%-0.18%0.14%
AUD0.04%0.10%0.12%0.45%0.00% -0.15%0.16%
NZD0.18%0.25%0.28%0.58%0.18%0.15% 0.30%
CHF-0.10%-0.03%-0.04%0.28%-0.14%-0.16%-0.30% 

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.

More from Akhtar Faruqui
Share:

Editor's Picks

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.