GBP/USD Price Forecast: Edges up, stabilizes near 1.2250

Source Fxstreet
  • Pound closes slightly below Tuesday's high, consolidating between 1.2210 and 1.2240.
  • Resistance at 1.2299; above 1.2250 could extend gains to 1.2351.
  • Break below 1.2200 may renew selling, targeting supports at 1.2136 and 1.2099.

The Pound Sterling posted modest gains on Wednesday after hit seesawing in a wide range of 1.2154 - 1.2306 during the day, yet stabilized at current exchange rates. At the time of writing, the GBP/USD trades at 1.2241, set to close below Tuesday’s high of 1.2249.

GBP/USD Price Forecast: Technical outlook

The GBP/USD downtrend remains in place, although it consolidated at around 1.2210 - 1.2240. During the session, buyers tested strong resistance at the April 22 low of 1.2299 before retreating beneath 1.2250. Should they hold to gains above the latter, they could challenge 1.2299 before targeting 1.2351, the January 2 swing low that turned resistance. Further upside is at 1.2400.

The downtrend could resume once sellers clear 1.2200. Once cleared, the next support would be the January 14 low of 1.2136, followed by the January 13 bottom of 1.2099.

GBP/USD Price Chart - Daily

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 Japanese Yen.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.00% -0.00% 0.00% -0.00% -0.00% -0.01% 0.01%
EUR 0.00%   -0.01% 0.02% 0.00% -0.01% 0.00% 0.01%
GBP 0.00% 0.00%   0.04% 0.00% 0.00% -0.01% 0.00%
JPY 0.00% -0.02% -0.04%   -0.01% -0.02% -0.02% -0.02%
CAD 0.00% 0.00% -0.00% 0.00%   -0.00% -0.01% 0.00%
AUD 0.00% 0.00% -0.00% 0.02% 0.00%   0.00% 0.00%
NZD 0.00% 0.00% 0.00% 0.02% 0.00% -0.00%   0.00%
CHF -0.01% -0.01% -0.01% 0.02% -0.00% -0.00% -0.01%  

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.
placeholder
Gold in second day of gains with US and Russian officials meeting for peace talksGold’s price (XAU/USD) is rallying near 0.50% this Tuesday at the start of the European trading session, with the precious metal trading around $2,910 at the time of writing.
Author  FXStreet
10 hours ago
Gold’s price (XAU/USD) is rallying near 0.50% this Tuesday at the start of the European trading session, with the precious metal trading around $2,910 at the time of writing.
placeholder
WTI rises above $71.50 due to supply disruptions from KazakhstanWest Texas Intermediate (WTI) crude Oil price continues its upward momentum for the second consecutive day, trading around $71.70 per barrel during European hours on Tuesday.
Author  FXStreet
10 hours ago
West Texas Intermediate (WTI) crude Oil price continues its upward momentum for the second consecutive day, trading around $71.70 per barrel during European hours on Tuesday.
placeholder
EUR/USD corrects as US Dollar rebounds on Fed’s restrictive policy stanceEUR/USD declines to near 1.0450 in Tuesday’s European session after failing to hold above the psychological resistance of 1.0500 in the last two trading days.
Author  FXStreet
10 hours ago
EUR/USD declines to near 1.0450 in Tuesday’s European session after failing to hold above the psychological resistance of 1.0500 in the last two trading days.
placeholder
Pound Sterling rebounds after upbeat UK employment, strong wage growth dataThe Pound Sterling (GBP) bounces back against its major peers on Tuesday after the release of upbeat United Kingdom (UK) labor market data for the three months ending December.
Author  FXStreet
12 hours ago
The Pound Sterling (GBP) bounces back against its major peers on Tuesday after the release of upbeat United Kingdom (UK) labor market data for the three months ending December.
placeholder
USD/CAD Price Forecast: First downside target emerges near 1.4150, eyes on Canadian CPI inflation dataThe USD/CAD pair trades in positive territory near 1.4205 during the early European session on Tuesday, supported by the firmer Greenback.
Author  FXStreet
14 hours ago
The USD/CAD pair trades in positive territory near 1.4205 during the early European session on Tuesday, supported by the firmer Greenback.
Related Instrument
goTop
quote