GBP/USD Price Forecast: Trades near 1.2350 after rebounding from nine-month lows
Trending Articles- Silver Price Forecast: XAG/USD surges to record high above $56 amid bullish momentum
- Fed Chair Candidate: What Would a Hassett Nomination Mean for U.S. Stocks?
- After the Crypto Crash, Is an Altcoin Season Looming Post-Liquidation?
- The 2026 Fed Consensus Debate: Not Hassett, It’s About Whether Powell Stays or Goes
- U.S. PCE and 'Mini Jobs' Data in Focus as Salesforce (CRM) and Snowflake (SNOW) Report Earnings 【The week ahead】
- AUD/USD holds steady below 0.6550 as traders await Australian GDP release
GBP/USD has retreated into the descending channel pattern, signaling a dominant bearish bias.
The pair could test the nine-month low at 1.2321, recorded on Wednesday.
The immediate resistance appears at the descending channel's upper boundary, near the nine-day EMA at 1.2447.
The GBP/USD pair remains under pressure for the third consecutive session, hovering near 1.2360 during Thursday's Asian trading hours. Technical analysis of the daily chart highlights a prevailing bearish bias, with the pair falling back to the descending channel pattern.
The 14-day Relative Strength Index (RSI) approaches the 30 mark, signaling intensified bearish momentum. Additionally, the GBP/USD pair trades below the nine- and 14-day Exponential Moving Averages (EMAs), reflecting weak short-term price dynamics.
On the downside, the GBP/USD pair could test the nine-month low of 1.2321, recorded on January 8, followed by the next support level at 1.2299, the lowest since November 2023, last observed on April 22. A break below this level could strengthen bearish sentiment, potentially driving the pair toward the lower boundary of the descending channel near 1.2050.
On the upside, the GBP/USD pair may encounter immediate resistance at the descending channel's upper boundary, near the nine-day EMA at 1.2447, followed by the 14-day EMA at 1.2481. A decisive breakout above this critical resistance zone could enhance short-term price momentum, paving the way for a potential move toward the two-month high of 1.2811, reached on December 6.
GBP/USD: 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 weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.04% | -0.27% | -0.12% | 0.14% | 0.06% | -0.19% | |
| EUR | 0.03% | 0.07% | -0.23% | -0.09% | 0.18% | 0.09% | -0.16% | |
| GBP | -0.04% | -0.07% | -0.33% | -0.16% | 0.10% | 0.03% | -0.21% | |
| JPY | 0.27% | 0.23% | 0.33% | 0.14% | 0.41% | 0.29% | 0.10% | |
| CAD | 0.12% | 0.09% | 0.16% | -0.14% | 0.27% | 0.18% | -0.05% | |
| AUD | -0.14% | -0.18% | -0.10% | -0.41% | -0.27% | -0.09% | -0.31% | |
| NZD | -0.06% | -0.09% | -0.03% | -0.29% | -0.18% | 0.09% | -0.22% | |
| CHF | 0.19% | 0.16% | 0.21% | -0.10% | 0.05% | 0.31% | 0.22% |
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).
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
