• GBP/USD uptrend remains intact as long as it stays above 1.3043.
  • If buyers reclaim 1.3298, that will expose March 2022 peak at 1.3437.
  • A dip below 1.3200 will expose further support levels, like August 22, 1.3130 and the 1.3100 figure.

The Pound Sterling extended its gains and refreshed multi-year highs at around 1.3246 on Tuesday as the Greenback failed to recover following a surprisingly dovish tilt by Fed Chair Jerome Powell at his Jackson Hole speech. Investors increased their bets that the US central bank will lower rates at the September meeting, a tailwind for the GBP/USD. The pair exchanged hands at 1.3239 and is up by 0.40%.

GBP/USD Price Forecast: Technical outlook

The uptrend in the GBP/USD continues even though the Relative Strength Index (RSI) is overbought, which could cap the pair’s advance higher. Nevertheless, reclaiming the top trendline of an ascending channel could put into play the test of the March 22, 2022, peak at 1.3298 before challenging higher prices.

In that outcome, the GBP/USD's next resistance would be 1.3300. Once surpassed, the March 1, 2022, daily high would emerge at 1.3437.

Conversely, a dip below 1.3200 can send the GBP/USD towards the August 22 high at 1.3130 ahead of 1.3100. On further weakness, the next support would be the July 17 peak turned support at 1.3044.

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 US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.08% -0.38% -0.17% -0.27% -0.18% -0.50% -0.47%
EUR 0.08%   -0.30% -0.10% -0.20% -0.09% -0.45% -0.40%
GBP 0.38% 0.30%   0.21% 0.12% 0.21% -0.13% -0.09%
JPY 0.17% 0.10% -0.21%   -0.08% 0.00% -0.34% -0.30%
CAD 0.27% 0.20% -0.12% 0.08%   0.09% -0.25% -0.20%
AUD 0.18% 0.09% -0.21% -0.01% -0.09%   -0.35% -0.30%
NZD 0.50% 0.45% 0.13% 0.34% 0.25% 0.35%   0.03%
CHF 0.47% 0.40% 0.09% 0.30% 0.20% 0.30% -0.03%  

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).

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD remains pressured below 1.0800 on renewed USD strength

EUR/USD remains pressured below 1.0800 on renewed USD strength

EUR/USD stays under pressure and declines toward 1.0750 following Thursday's recovery. A renewed US Dollar uptick and a cautious mood weigh on the pair, as traders digest the Trump win and the Federal Reserve's monetary policy announcements.

EUR/USD News
GBP/USD holds lower ground near 1.2950 amid tepid risk sentiment

GBP/USD holds lower ground near 1.2950 amid tepid risk sentiment

GBP/USD trades in negative territory at around 1.2950 in the second half of the day on Friday. The emergence of dip-buying in the US Dollar and a tepid risk tone undermine the pair. The BoE’s cautious rate cut could check the pair's downside as traders comments from central bankers.

GBP/USD News
Gold fluctuates below $2,700 amid stronger USD, positive risk tone

Gold fluctuates below $2,700 amid stronger USD, positive risk tone

Gold trades below $2,700 in the early American session on Friday and is pressured by a combination of factors. Hopes that Trump's policies would spur economic growth and inflation, to a larger extent, overshadow the Fed's dovish outlook, which, in turn, helps revive the USD demand.

Gold News
Bitcoin touches new all-time high near $77,000 following Fed rate cut

Bitcoin touches new all-time high near $77,000 following Fed rate cut

Bitcoin price rallied and reached a new all-time high of $76,849 following the US Federal Reserve’s 25 basis point rate cut. Ethereum and Ripple followed suit and closed above their key resistance levels, hinting at a possible rally ahead.

Read more
Outlook for the markets under Trump 2.0

Outlook for the markets under Trump 2.0

On November 5, the United States held presidential elections. Republican and former president Donald Trump won the elections surprisingly clearly. The Electoral College, which in fact elects the president, will meet on December 17, while the inauguration is scheduled for January 20, 2025.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures