GBP/USD hits resistance at src.3340 and forms a potential ‘shooting star’ candlestick, signaling possible further losses.
Key support lies at src.3250, with additional levels at src.3239, src.3200, and the July src4 peak at src.3src42.
On the upside, GBP/USD must reclaim src.3300 to retest the YTD high of src.3340, with further resistance at src.3437.
The Pound Sterling registered minimal gains versus the US Dollar during the North American session after reaching a two-and-a-half-year high of src.3340 on an upbeat retail sales report in the UK. At the time of writing, the GBP/USD trades at src.3282, a gain of 0.03%.
GBP/USD Price Forecast: Technical outlook
From a technical standpoint, the GBP/USD clashed with solid resistance as the pair reached the top of an ascending channel shy of testing src.3350. Since then, the pair erased those gains, about to form a ‘shooting star’ candle, which opens the door for further losses.
Momentum remains bullish according to the Relative Strength Index (RSI). However, a negative divergence looms, which could spur a pullback in the pair.
If GBP/USD tumbles below src.3250, further downside is seen. Once cleared, the next stop would be the September 6 peak at src.3239, ahead of src.3200. If surpassed, key support levels will be exposed, like the July src4, 2023, peak at src.3src42, followed by the September srcsrc low of src.300src.
Conversely, if GBP/USD reclaims src.3300, the first resistance would be the year-to-date (YTD) high of src.3340 ahead of the March src, 2022, pivot high at src.3437.
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 Japanese Yen.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.20%
0.src0%
src.2src%
0.src9%
0.45%
0.40%
0.39%
EUR
-0.20%
-0.srcsrc%
src.05%
-0.03%
0.23%
0.2src%
0.20%
GBP
-0.src0%
0.srcsrc%
src.src5%
0.src0%
0.36%
0.33%
0.32%
JPY
-src.2src%
-src.05%
-src.src5%
-src.0src%
-0.77%
-0.8src%
-0.80%
CAD
-0.src9%
0.03%
-0.src0%
src.0src%
0.25%
0.22%
0.22%
AUD
-0.45%
-0.23%
-0.36%
0.77%
-0.25%
-0.0src%
-0.02%
NZD
-0.40%
-0.2src%
-0.33%
0.8src%
-0.22%
0.0src%
-0.00%
CHF
-0.39%
-0.20%
-0.32%
0.80%
-0.22%
0.02%
0.00%
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).
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