GBP/USD Forecast: Pound Sterling could stretch higher while 1.2650-1.2660 support holds
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $479.76 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- GBP/USD closed the previous week in positive territory.
- 1.2650-1.2660 aligns as key near-term support for the pair.
- The pair's upside could remain limited in case market mood sours.
GBP/USD took advantage of the broad-based selling pressure surrounding the US Dollar (USD) and registered weekly gains for the first time since early January. The pair holds steady above 1.2650 early Monday, while the technical picture suggests that additional gains are likely in the near term.
Pound Sterling price today
The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.08% | 0.01% | 0.01% | 0.13% | -0.06% | 0.30% | -0.03% | |
| EUR | 0.08% | 0.09% | 0.09% | 0.21% | 0.02% | 0.38% | 0.05% | |
| GBP | -0.01% | -0.09% | 0.00% | 0.12% | -0.07% | 0.29% | -0.04% | |
| CAD | -0.02% | -0.10% | -0.01% | 0.13% | -0.08% | 0.28% | -0.05% | |
| AUD | -0.14% | -0.21% | -0.12% | -0.12% | -0.19% | 0.17% | -0.16% | |
| JPY | 0.05% | -0.01% | 0.11% | 0.07% | 0.19% | 0.35% | 0.01% | |
| NZD | -0.30% | -0.37% | -0.28% | -0.28% | -0.16% | -0.34% | -0.33% | |
| CHF | 0.03% | -0.05% | 0.04% | 0.05% | 0.20% | -0.02% | 0.33% |
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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Retreating US Treasury bond yields didn't allow the USD to gather strength against its rivals ahead of the weekend. In the European morning on Monday, the benchmark 10-year US Treasury bond yield continues to push lower toward 4.2% and helps GBP/USD holds its ground, by making it difficult for the USD to find demand.
Meanwhile, the UK's FTSE 100 futures trade flat ahead of the opening and US stock index futures lose between 0.1% and 0.3%.
In the absence of high-tier data releases, a negative shift in risk mood, with Wall Street's main indexes opening in negative territory, could help the USD stay resilient against its rivals in the second half of the day.
January New Home Sales will be the only data featured in the economic calendar on Monday. In December, New Home Sales rose by 8%. A similar monthly increase could provide a boost to the USD with the immediate reaction and weigh on GBP/USD. On the other hand, a negative print could support the pair.
On Tuesday, January Durable Goods Orders and Conference Board's Consumer Confidence Index for February from the US will be watched closely by market participants.
GBP/USD Technical Analysis
GBP/USD holds above 1.2660-1.2650, where the 200-period Simple Moving Average (SMA) on the 4-hour chart and the Fibonacci 23.6% retracement level of the long-term uptrend align. In the meantime, the Relative Strength Index (RSI) rises toward 60, reflecting a buildup of bullish momentum.
On the upside, 1.2700 (psychological level, static level) could be seen as next hurdle before 1.2760 (static level) and 1.2800 (psychological level, static level).
If GBP/USD returns below 1.2660-1.2650 area and starts using it as resistance, additional losses toward 1.2620 (100-period SMA, 50-period SMA) and 1.2600 (psychological level) could be seen.
- GBP/USD closed the previous week in positive territory.
- 1.2650-1.2660 aligns as key near-term support for the pair.
- The pair's upside could remain limited in case market mood sours.
GBP/USD took advantage of the broad-based selling pressure surrounding the US Dollar (USD) and registered weekly gains for the first time since early January. The pair holds steady above 1.2650 early Monday, while the technical picture suggests that additional gains are likely in the near term.
Pound Sterling price today
The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.08% | 0.01% | 0.01% | 0.13% | -0.06% | 0.30% | -0.03% | |
| EUR | 0.08% | 0.09% | 0.09% | 0.21% | 0.02% | 0.38% | 0.05% | |
| GBP | -0.01% | -0.09% | 0.00% | 0.12% | -0.07% | 0.29% | -0.04% | |
| CAD | -0.02% | -0.10% | -0.01% | 0.13% | -0.08% | 0.28% | -0.05% | |
| AUD | -0.14% | -0.21% | -0.12% | -0.12% | -0.19% | 0.17% | -0.16% | |
| JPY | 0.05% | -0.01% | 0.11% | 0.07% | 0.19% | 0.35% | 0.01% | |
| NZD | -0.30% | -0.37% | -0.28% | -0.28% | -0.16% | -0.34% | -0.33% | |
| CHF | 0.03% | -0.05% | 0.04% | 0.05% | 0.20% | -0.02% | 0.33% |
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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Retreating US Treasury bond yields didn't allow the USD to gather strength against its rivals ahead of the weekend. In the European morning on Monday, the benchmark 10-year US Treasury bond yield continues to push lower toward 4.2% and helps GBP/USD holds its ground, by making it difficult for the USD to find demand.
Meanwhile, the UK's FTSE 100 futures trade flat ahead of the opening and US stock index futures lose between 0.1% and 0.3%.
In the absence of high-tier data releases, a negative shift in risk mood, with Wall Street's main indexes opening in negative territory, could help the USD stay resilient against its rivals in the second half of the day.
January New Home Sales will be the only data featured in the economic calendar on Monday. In December, New Home Sales rose by 8%. A similar monthly increase could provide a boost to the USD with the immediate reaction and weigh on GBP/USD. On the other hand, a negative print could support the pair.
On Tuesday, January Durable Goods Orders and Conference Board's Consumer Confidence Index for February from the US will be watched closely by market participants.
GBP/USD Technical Analysis
GBP/USD holds above 1.2660-1.2650, where the 200-period Simple Moving Average (SMA) on the 4-hour chart and the Fibonacci 23.6% retracement level of the long-term uptrend align. In the meantime, the Relative Strength Index (RSI) rises toward 60, reflecting a buildup of bullish momentum.
On the upside, 1.2700 (psychological level, static level) could be seen as next hurdle before 1.2760 (static level) and 1.2800 (psychological level, static level).
If GBP/USD returns below 1.2660-1.2650 area and starts using it as resistance, additional losses toward 1.2620 (100-period SMA, 50-period SMA) and 1.2600 (psychological level) could be seen.
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.