GBP/USD Price Analysis: Slumps to fresh weekly lows as bears eye 1.2700
Source Fxstreet
- GBP/USD tumbles to new three-day low as ‘evening star’ chart pattern emerges.
- Buyers’ momentum begins to fade as RSI aims toward the 50-midline.
- If the pair drops below 1.2700, look for further losses; otherwise, bulls can challenge 1.2800.
The British Pound fell to a new weekly low against the Greenback on Wednesday as US Treasury bond yields continued to climb. Federal Reserve officials remained cautious and influenced traders' expectations of just 25 basis points of rate cuts seen toward the end of 2024. The GBP/USD trades at 1.2719, down 0.33%.
GBP/USD Price Analysis: Technical outlook
The GBP/USD formed a three-candle chart formation called an ‘evening star,’ hinting that prices could tumble further. Momentum remains bullish, as depicted by the Relative Strength Index (RSI), but aims toward the 50-midline, which means that buyers are losing momentum.
On further weakness, if GBP/USD drops below 1.2700, the pair could test the May 3 daily high turned support at 1.2634. Once cleared, the next support would be the 50-day moving average (DMA) at 1.2580, followed by the 200-DMA at 1.2539.
On the other hand, if buyers reclaim the current week's high of 1.2777, further gains are seen above 1.2800, like the year-to-date (YTD) high of 1.2893.
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 | 0.33% | 0.33% | 0.13% | 0.34% | 0.40% | 0.27% | 0.05% | |
| EUR | -0.33% | -0.01% | -0.22% | 0.00% | 0.06% | -0.06% | -0.28% | |
| GBP | -0.33% | 0.00% | -0.22% | -0.02% | 0.05% | -0.05% | -0.29% | |
| JPY | -0.13% | 0.22% | 0.22% | 0.20% | 0.27% | 0.15% | -0.10% | |
| CAD | -0.34% | -0.00% | 0.02% | -0.20% | 0.07% | -0.05% | -0.30% | |
| AUD | -0.40% | -0.06% | -0.05% | -0.27% | -0.07% | -0.11% | -0.34% | |
| NZD | -0.27% | 0.06% | 0.05% | -0.15% | 0.05% | 0.11% | -0.25% | |
| CHF | -0.05% | 0.28% | 0.29% | 0.10% | 0.30% | 0.34% | 0.25% |
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).
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
