GBP/USD Price Forecast: Tumbles to four week low, sellers eye 1.3000
|- GBP/USD fails to gain traction amid mixed US economic data.
- Sellers remain in charge if prices remain below 1.3055; key support levels are eyed at 1.3001 and 1.2939.
- Buyers could regain control above 1.3055 and target the 50-DMA
The Pound Sterling remains on the backfoot against the Greenback, yet it bounced off a four-week low of 1.3010 in early trading during the North American session. The GBP/USD exchanges hands at 1.3040, down 0.54% at the time of writing.
GBP/USD Price Forecast: Technical outlook
GBP/USD recovered some ground during Thursday’s session following the release of mixed US data. Although inflation edged up, the labor market showed signs of weakness.
Given the backdrop, the pair initially dipped to a daily low of 1.3010 before stabilizing at current exchange rates. Nevertheless, Pound bulls must reclaim the October 9 low of 1.3055 if they want to remain hopeful of higher prices.
In that outcome, bulls could challenge the 50-day moving average (DMA) and the day’s high of 1.3093. Further gains are seen above 1.3100.
Conversely, failure to regain 1.3055 and sellers could drive the exchange rate toward the September 11 low of 1.3001. Once those levels are surpassed, the GBP/USD could test the 100-DMA at 1.2939.
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 Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.15% | 0.31% | -0.45% | 0.35% | 0.05% | -0.27% | -0.32% | |
| EUR | -0.15% | 0.16% | -0.60% | 0.19% | -0.11% | -0.38% | -0.47% | |
| GBP | -0.31% | -0.16% | -0.76% | 0.05% | -0.34% | -0.53% | -0.66% | |
| JPY | 0.45% | 0.60% | 0.76% | 0.80% | 0.47% | 0.18% | 0.11% | |
| CAD | -0.35% | -0.19% | -0.05% | -0.80% | -0.31% | -0.57% | -0.69% | |
| AUD | -0.05% | 0.11% | 0.34% | -0.47% | 0.31% | -0.27% | -0.32% | |
| NZD | 0.27% | 0.38% | 0.53% | -0.18% | 0.57% | 0.27% | -0.12% | |
| CHF | 0.32% | 0.47% | 0.66% | -0.11% | 0.69% | 0.32% | 0.12% |
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.