Created
: 2024.10.09
2024.10.09 23:59
The British Pound lost some ground against the Greenback on Wednesday as traders await minutes of the Federal Reserve's last meeting and US inflation data on Thursday. At the time of writing, the GBP/USD trades at 1.3070, below its opening price by 0.26%.
The GBP/USD has consolidated within the 1.3060-1.3140 range for the last three days. The lack of a catalyst keeps market players uncertain, though last week's US jobs report boosted the Greenback, which reached levels last seen in August 2024.
Momentum hints that sellers are in charge, as portrayed by the bearish reading of the Relative Strength Index (RSI).
In the short term, the pair is downward biased. The drop below the 50-day moving average (DMA) at 1.3087 opened the door for further losses. However, if sellers want to remain in charge, they must drive the exchange rate to the September 11 swing low of 1.3001. If that level is cleared, the 100-DMA at 1.2935 would be up for grabs, followed by the 200-DMA at 1.2784.
Conversely, if GBP/USD reclaims 1.3100 and rallies above 1.3200, it would open the door for further upside. The next resistance would be October 3 peak at 1.3269, followed by the October 2 high at 1.3305.
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 | 0.31% | 0.24% | 0.66% | 0.30% | 0.49% | 1.35% | 0.25% | |
EUR | -0.31% | -0.08% | 0.33% | -0.04% | 0.22% | 0.99% | -0.08% | |
GBP | -0.24% | 0.08% | 0.41% | 0.08% | 0.29% | 1.08% | -0.00% | |
JPY | -0.66% | -0.33% | -0.41% | -0.33% | -0.14% | 0.69% | -0.42% | |
CAD | -0.30% | 0.04% | -0.08% | 0.33% | 0.19% | 1.03% | -0.07% | |
AUD | -0.49% | -0.22% | -0.29% | 0.14% | -0.19% | 0.81% | -0.29% | |
NZD | -1.35% | -0.99% | -1.08% | -0.69% | -1.03% | -0.81% | -1.09% | |
CHF | -0.25% | 0.08% | 0.00% | 0.42% | 0.07% | 0.29% | 1.09% |
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).
Created
: 2024.10.09
Last updated
: 2024.10.09
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