Created
: 2024.09.09
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
GBP/USD Price Forecast: Drops below 1.3100 as Fed large rate cut odds wane
World FX news
Breaking news
GBP/USD Price Forecast: Drops below 1.3100 as Fed large rate cut odds wane
New
2024.09.09 23:57
2024.09.09 23:57
2024.09.09 23:57
- GBP/USD downtrend intensifies, with momentum signaling further downside as RSI nears a break below neutral.
- Key support at 1.3044 could trigger deeper losses, with the 50-DMA at 1.2933 and the 1.2900 mark as critical levels.
- Buyers must reclaim 1.3239 for a bullish continuation and to regain upward momentum.
The GBP/USD begins the North American session down by over 0.30% on Monday as traders trim the chances of a 50-basis point Fed interest rate cut in ten days. At the time of writing, the pair trades at 1.3075 after reaching a high of 1.3143.
GBP/USD Price Forecast: Technical outlook
The GBP/USD has fallen below the 1.3100 mark, though the uptrend remains intact unless sellers grab the pair below the July 17 high of 1.3044, which could open the door for a deeper pullback.
Momentum suggests further downside. The Relative Strength Index (RSI) is about to punch below its neutral line, which could spark a sell-off. Therefore, in the short term, the path of least resistance is tilted to the downside.
The first support for GBP/USD would be the July 17 peak turned support, followed by the 1.3000 figure. Further losses are seen beneath that level, with the 50-day moving average (DMA) emerging as the potential line of defense for buyers at 1.2933, ahead of 1.2900.
For a bullish continuation, GBP/USD buyers must reclaim last week's peak at 1.3239.
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 New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.42% | 0.40% | 0.34% | -0.01% | 0.22% | 0.52% | 0.37% | |
| EUR | -0.42% | -0.07% | -0.02% | -0.43% | -0.25% | 0.14% | -0.07% | |
| GBP | -0.40% | 0.07% | -0.07% | -0.35% | -0.18% | 0.19% | -0.01% | |
| JPY | -0.34% | 0.02% | 0.07% | -0.35% | -0.11% | 0.19% | 0.21% | |
| CAD | 0.00% | 0.43% | 0.35% | 0.35% | 0.27% | 0.54% | 0.53% | |
| AUD | -0.22% | 0.25% | 0.18% | 0.11% | -0.27% | 0.37% | 0.14% | |
| NZD | -0.52% | -0.14% | -0.19% | -0.19% | -0.54% | -0.37% | -0.19% | |
| CHF | -0.37% | 0.07% | 0.00% | -0.21% | -0.53% | -0.14% | 0.19% |
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).
Last updated
: 2024.09.09
Related articles
Australian Dollar declines as USD recovers
18 minutes agoCanadian Dollar flattens on tepid Friday
59 minutes agoUS Dollar rises as sellers take a breather, political jitters
2024.09.21 03:19Mexican Peso extends losing streak amid risk aversion
2024.09.21 02:57Fed's Bowman: Would have liked a smaller first cut
2024.09.21 02:34Fed's Waller: 50 bps cut was the right move
2024.09.21 02:26
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
Australian Dollar declines as USD recovers
The AUD/USD declined by 0.40% to 0.6790 in Friday's session, pressured by growing expectations of interest rate cuts by the Federal Reserve (Fed).
New
2024.09.21 05:17Gold skyrockets to record-high above $2,600 on Fed rate cut speculation
Gold prices climbed past $2,600, recording new all-time highs amid increasing speculation that the Federal Reserve will continue to lower borrowing costs and heightened tensions between Israel and Hezbollah in the Middle East.
New
2024.09.21 05:07Canadian Dollar flattens on tepid Friday
The Canadian Dollar (CAD) found little underpinning momentum on Friday, and the CAD is poised to wrap up the end of the trading week close to where it started.
New
2024.09.21 04:37US Dollar rises as sellers take a breather, political jitters
The US economy is experiencing a moderate slowdown, but indicators suggest that economic activity remains robust overall.
New
2024.09.21 03:19Dow Jones Industrial Average squeezes higher on Friday
The Dow Jones Industrial Average (DJIA) edged back into the top end during the Friday market session, keeping bids north of 42,000 and sticking close to this week's all-time record peaks.
New
2024.09.21 03:18Mexican Peso extends losing streak amid risk aversion
The Mexican Peso extended its losing streak against the Greenback to three consecutive days, with the currency set to sustain weekly losses.
New
2024.09.21 02:57Fed's Bowman: Would have liked a smaller first cut
Federal Reserve (Fed) Board of Governors member Michelle Bowman clarified on Friday why the policymaker voted against the Fed's 50 bps jumbo rate cut this week.
New
2024.09.21 02:34Fed's Waller: 50 bps cut was the right move
Federal Reserve (Fed) Board of Governors member Christopher Waller noted on Friday that while the Fed's decision to cut interest rates by an accelerated 50 bps, the Fed's data-dependent approach could mean that the next meeting will be a pause as policymakers await further data.
New
2024.09.21 02:26EUR/GBP Price Analysis: Sellers hit the gas and take further ground
In Friday's session, the EUR/GBP pair continued to decline, losing 0.15% to close at 0.8385.
New
2024.09.21 00:56GBP/USD Price Forecast: Gains modestly after hitting record high above 1.3300
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 1.3340 on an upbeat retail sales report in the UK.
New
2024.09.21 00:24Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
