GBP/USD Price Forecast: Gains ground on soft US jobs data
|- GBP/USD bounces from a daily low of 1.3031, with momentum turning bullish as RSI points upward.
- Bulls need to clear resistance at 1.3111 and 1.3143 to target the key psychological level of 1.3200.
- A drop below 1.3000 would expose the 50-DMA at 1.2953, with further support at 1.2872 and 1.2810 (100-DMA).
The Pound Sterling advanced modestly against the US Dollar on Thursday after economic data showed that factory inflation in the United States (US) was a tick higher than foreseen. That and a softer US jobs report weighed on the buck. The GBP/USD trades at 1.3078 after hitting a daily low of 1.3031.
GBP/USD Price Forecast: Technical outlook
After diving to a three-week low of 1.3001, the GBP/USD bounced off and sat within the mid 1.3000-1.3100 range after UK economic data showed the economy is cooling.
Momentum shows buyers stepping into the market as the Relative Strength Index (RSI), which, at the brisk of turning bearish, made a U-turn, aiming up.
If bulls want to regain control, they must reclaim the September 11 peak of 1.3111. This would expose the current week’s peak at 1.3143, followed by 1.3200.
Conversely for a bearish continuation, if GBP/USD tumbles below 1.3000, the first support would be the 50-day moving average (DMA) at 1.2953. On further weakness, the next stop would be the August 13 high turned support at 1.2872, ahead of challenging 1.2810, the 100-DMA.
GBP/USD Price Action – 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 Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.28% | -0.28% | -0.03% | 0.12% | -0.24% | -0.23% | 0.15% | |
| EUR | 0.28% | 0.00% | 0.22% | 0.42% | 0.05% | 0.06% | 0.43% | |
| GBP | 0.28% | -0.01% | 0.00% | 0.41% | 0.04% | 0.05% | 0.43% | |
| JPY | 0.03% | -0.22% | 0.00% | 0.12% | -0.24% | -0.26% | 0.15% | |
| CAD | -0.12% | -0.42% | -0.41% | -0.12% | -0.36% | -0.37% | 0.01% | |
| AUD | 0.24% | -0.05% | -0.04% | 0.24% | 0.36% | 0.00% | 0.38% | |
| NZD | 0.23% | -0.06% | -0.05% | 0.26% | 0.37% | -0.01% | 0.38% | |
| CHF | -0.15% | -0.43% | -0.43% | -0.15% | -0.01% | -0.38% | -0.38% |
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).
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.