Select Language

GBP/USD Price Forecast: Holds position around 1.3000 within descending channel

blockHeadVisual
  1. HOME
  2. Get information
  3. World FX news
  4. GBP/USD Price Forecast: Holds position around 1.3000 within descending channel

World FX news

search
Breaking news

GBP/USD Price Forecast: Holds position around 1.3000 within descending channel

  • X
  • facebook
  • LINE
  • RSS
  • X
  • facebook
  • LINE
  • RSS
New update 2024.10.22 15:01
GBP/USD Price Forecast: Holds position around 1.3000 within descending channel

update 2024.10.22 15:01

  • GBP/USD may struggle as daily chart analysis suggests a bearish bias.
  • The pair could find support around the lower boundary of the descending channel at 1.2810 level.
  • The immediate barrier appears around the upper boundary of the descending channel at the nine-day EMA of 1.3040 level.

GBP/USD retraces its recent losses, trading around 1.3000 during the Asian hours on Tuesday. The daily chart analysis shows the pair is consolidating within the descending channel pattern, which suggests a bearish bias for the pair.

The Moving Average Convergence Divergence (MACD) indicator suggests bearish momentum, as the MACD line is positioned below the centreline and the signal line. Additionally, the 14-day Relative Strength Index (RSI) is below 50 level, reinforcing the ongoing bearish sentiment.

On the downside, the GBP/USD pair may navigate the area around the lower boundary of the descending channel at 1.2810, followed by the psychological level of 1.2800. A break below this level could put downward pressure on the pair to test the three-month low of 1.2665, which was recorded on August 8.

For resistance, the GBP/USD pair could test the upper boundary of the descending channel around the nine-day Exponential Moving Average (EMA) at the 1.3040 level. A break above this level could support the pair to approach the psychological level of 1.3100.

GBP/USD: 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 US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.04% -0.10% -0.02% -0.01% -0.34% -0.34% -0.09%
EUR 0.04%   -0.06% 0.03% 0.02% -0.32% -0.30% -0.05%
GBP 0.10% 0.06%   0.10% 0.10% -0.25% -0.25% 0.02%
JPY 0.02% -0.03% -0.10%   -0.00% -0.34% -0.36% -0.08%
CAD 0.00% -0.02% -0.10% 0.00%   -0.32% -0.34% -0.08%
AUD 0.34% 0.32% 0.25% 0.34% 0.32%   -0.00% 0.25%
NZD 0.34% 0.30% 0.25% 0.36% 0.34% 0.00%   0.27%
CHF 0.09% 0.05% -0.02% 0.08% 0.08% -0.25% -0.27%  

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).

Date

Created

 : 2024.10.22

Update

Last updated

 : 2024.10.22

Related articles

Show more

Writer

FXStreet

Financial media

arrow
FXStreet

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?
No loading Yes loading

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.

Previous article

prev

FX option expiries for Oct 22 NY cut

Next article

Forex Today: US Dollar holds near multi-month highs, eyes on central bank speak

prev

Most viewed

NZD/USD extends downside to near 0.5850 on stronger US Dollar, dovish RBNZ expectations

The NZD/USD pair trades in negative territory for the third consecutive day near 0.5855 during the early Asian session on Friday.
New
update2024.11.22 09:36

EUR/USD backslides on Thursday, tests new multi-month low

EUR/USD trimmed further into the low end on Thursday, continuing to shed weight in the near-term and falling to the lowest bids since November of 2023.
New
update2024.11.22 08:37

Japan's National CPI rises 2.3% YoY in October, Core CPI rises more than expected

Japan's National Consumer Price Index (CPI) rose 2.3% YoY in October, compared to the previous reading of 2.5%, according to the latest data released by the Japan Statistics Bureau on Friday, Further details unveil that the National CPI ex Fresh food arrived at 2.3% YoY in October versus 2.4% prior.
New
update2024.11.22 08:34

Australia's Judo Bank Manufacturing PMI improves to 49.4 in November, Services PMI eases to 49.6

The preliminary reading of Australia's Judo Bank Manufacturing Purchasing Managers Index (PMI) improved to 49.4 in November from 47.3 in October, the latest data published by Judo Bank and S&P Global showed on Friday.
New
update2024.11.22 08:20

USD/CAD holds positive ground above 1.3950 on bullish US Dollar

The USD/CAD pair trades with mild gains around 1.3975 during the early Asian session on Friday.
New
update2024.11.22 08:15

GBP/USD finds fresh six-month low on Thursday

GBP/USD shed another four-tenths of a percent on Thursday, tapping the pair's lowest bids in six months as the Pound Sterling's underlying weakness drags the pair further into the low end against the Greenback.
New
update2024.11.22 08:00

Canadian Dollar struggles to hold onto gains

The Canadian Dollar (CAD) drove into near-term highs early on Thursday before running out of gas and settling close to the day's opening bids.
New
update2024.11.22 07:04

NZD/JPY Price Analysis: Pair resumed losses, remains sideways in range, neutral outlook

The NZD/JPY resumed losses on Thursday, declining by 0.71% to 90.60, but remains range-bound between 90.00 and 92.00.
New
update2024.11.22 06:38

EUR/AUD Price Forecast: Falls below 1.6100 as head and shoulders surfaces

The Euro fell sharply against the Australian Dollar late in the North American session on Thursday.
New
update2024.11.22 06:25

NZD/USD Price Analysis: Bears continue in command as pair resumes losses

The NZD/USD pair declined by 0.26% to 0.5865 on Thursday, continuing its downward trend.
New
update2024.11.22 05:55

Disclaimer:arw

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.

arw
  • Facebook
  • Twitter
  • LINE

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

I agree
share
Share
Line

Line
Facebook

Facebook
X

Twitter
Cancel