- GBP/USD trades below 1.3100 after posting an upbeat retail sales report.
- A daily close above 1.3100 could target further upside, with resistance at 1.3175 and 1.3200, followed by 1.3266.
- A drop below 1.3100 may shift momentum to sellers, targeting 1.3058 and the September 11 low of 1.3001.
The Pound Sterling recovered some ground against the Greenback on Tuesday, following a better-than-expected retail sales report, yet it has fallen below the 1.3100 figure as the North American session progresses. The GBP/USD trades at 1.3090, virtually unchanged.
GBP/USD Price Forecast: Technical outlook
Price action shows some consolidation at around the 1.3050 – 1.3120 area for the second straight day. Even though momentum shifted bearish, according to the Relative Strength Index (RSI), the GBP/USD printed a leg-up on Tuesday and pierced the 1.3100 area.
If bulls push prices higher and achieve a daily close above the previously mentioned key resistance level, it will open the door for further upside.
That outcome will expose the October 4 high at 1.3175. Next will be the 1.3200 figure, followed by the August 27 daily high of 1.3266, ahead of the 1.3300 mark.
Conversely, if GBP/USD tumbles below 1.3100 and achieves a daily close below the latter, sellers will have the upper hand and can challenge the current week low of 1.3058 before targeting the September 11 cycle low of 1.3001.
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 Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.00% | 0.06% | 0.41% | 0.50% | 0.26% | 0.40% | |
| EUR | -0.07% | -0.06% | -0.02% | 0.34% | 0.41% | 0.17% | 0.33% | |
| GBP | -0.00% | 0.06% | 0.06% | 0.38% | 0.49% | 0.23% | 0.39% | |
| JPY | -0.06% | 0.02% | -0.06% | 0.47% | 0.45% | 0.18% | 0.36% | |
| CAD | -0.41% | -0.34% | -0.38% | -0.47% | 0.09% | -0.14% | 0.00% | |
| AUD | -0.50% | -0.41% | -0.49% | -0.45% | -0.09% | -0.25% | -0.09% | |
| NZD | -0.26% | -0.17% | -0.23% | -0.18% | 0.14% | 0.25% | 0.16% | |
| CHF | -0.40% | -0.33% | -0.39% | -0.36% | -0.00% | 0.09% | -0.16% |
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. 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
Editors’ Picks
Australian Dollar steady as markets asses minor US data
The AUD/USD regained positive traction on Thursday following the overnight pullback from a one-week top. A softer US Dollar and a positive risk tone benefited the Aussie, as well as the Reserve Bank of Australia’s (RBA) hawkish stance.
EUR/USD: Further losses now look at 1.0450
Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.
Gold faces extra upside near term
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
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.