GBP/USD Price Forecast: Holds near 1.3400 with bearish pressure intact
- GBP/USD may find primary support near the 1.3350 reversal zone.
- The 14-day Relative Strength Index at 39 signals sustained bearish pressure.
- The primary barrier lies at the nine-day EMA at 1.3476.
GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.
The 14-day Relative Strength Index (RSI), a momentum indicator, has slipped toward 39, showing fading bullish momentum after the earlier overbought reading and reinforcing the idea of corrective pressure within a broader range rather than a clear trend reversal.
The near-term bias is neutral with a slight bearish tilt as spot holds just above the 50-day Exponential Moving Average (EMA) while trading below the falling nine-day average, which caps recovery attempts.
The immediate support lies at the reversal zone around 1.3350. The proximity to the 50-day EMA may attract dip buyers toward the descending channel around 1.3170, followed by the 10-month low at 1.3010.
On the upside, the primary barrier is seen at the nine-day EMA at 1.3476, followed by the 50-day EMA at 1.3514. Further advances above these averages would improve the momentum and expose the upper descending channel boundary around 1.3630. A break above the channel would support the bullish bias and support the GBP/USD pair to test the 1.3869, the highest since September 2021, reached on January 27.
(The technical analysis of this story was written with the help of an AI tool.)
Pound Sterling 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 Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | -0.02% | -0.03% | -0.06% | -0.27% | -0.04% | 0.05% | |
| EUR | 0.02% | -0.00% | 0.00% | -0.04% | -0.25% | -0.03% | 0.07% | |
| GBP | 0.02% | 0.00% | 0.00% | -0.04% | -0.25% | -0.03% | 0.07% | |
| JPY | 0.03% | 0.00% | 0.00% | -0.03% | -0.24% | -0.03% | 0.08% | |
| CAD | 0.06% | 0.04% | 0.04% | 0.03% | -0.21% | 0.00% | 0.11% | |
| AUD | 0.27% | 0.25% | 0.25% | 0.24% | 0.21% | 0.22% | 0.32% | |
| NZD | 0.04% | 0.03% | 0.03% | 0.03% | -0.01% | -0.22% | 0.10% | |
| CHF | -0.05% | -0.07% | -0.07% | -0.08% | -0.11% | -0.32% | -0.10% |
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).
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
