Select Language

GBP/USD Price Forecast: Falls deeper below 1.3000 on strong US Dollar

Breaking news

GBP/USD Price Forecast: Falls deeper below 1.3000 on strong US Dollar

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.08 23:57
GBP/USD Price Forecast: Falls deeper below 1.3000 on strong US Dollar

update 2024.11.08 23:57

  • GBP/USD turns bearish, with RSI signaling potential for further downside below 1.2900.
  • Key support lies at 1.2894; a break may lead to 200-day SMA at 1.2814.
  • Upside capped by 100-day SMA at 1.2990; clearing 1.3000 could target 1.3105 resistance.

The Pound Sterling dropped from around 1.2980 on Friday as the Greenback recovered some ground following Thursday's losses. Risk aversion has seen flows into the buck; hence, the GBP/USD trades at 1.2938, down over 0.37%.

GBP/USD Price Forecast: Technical outlook

Once the GBP/USD fell below the 1.3000 figure, it turned neutral to slightly downward biased. Although the pair edged towards 1.2988 on Thursday, failure to clear the 1.30 mark exacerbated the drop toward the mid 1.2900 - 1.3000 range.

Oscillators turned bearish as seen on the Relative Strength Index (RSI). This, and price action, opened the door for further downside on the major.

The first key support would be the March 8 low of 1.2894. Once cleared, June's 12 resistance turned support would be up next at 1.2880, ahead of dropping toward the 200-day Simple Moving Average (SMA) at 1.2814. Once surpassed up next would be the 1.2800 mark

Conversely, if buyers lift the exchange rate past the 100-day SMA at 1.2990, they could challenge 1.3000. If surpassed, the next stop would be the confluence of the October 15 high and the 50-DMA at 1.3105.

GBP/USD Price Chart - Daily

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 Australian Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.47% 0.36% -0.11% 0.27% 1.00% 0.66% 0.24%
EUR -0.47%   -0.11% -0.54% -0.20% 0.53% 0.20% -0.24%
GBP -0.36% 0.11%   -0.43% -0.09% 0.65% 0.30% -0.13%
JPY 0.11% 0.54% 0.43%   0.38% 1.10% 0.76% 0.33%
CAD -0.27% 0.20% 0.09% -0.38%   0.72% 0.39% -0.03%
AUD -1.00% -0.53% -0.65% -1.10% -0.72%   -0.34% -0.77%
NZD -0.66% -0.20% -0.30% -0.76% -0.39% 0.34%   -0.43%
CHF -0.24% 0.24% 0.13% -0.33% 0.03% 0.77% 0.43%  

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

 : 2024.11.08

Update

Last updated

 : 2024.11.08

Related articles


Show more

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?

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

Mexican Peso struggles as US Dollar advances in Trump victory aftermath win, eyes on Banxico

The Mexican Peso is against the ropes versus the Greenback on Friday, with the latter recovering some ground even though the US Federal Reserve (Fed) cut rates on Thursday.
New
update2024.11.09 02:37

USD/JPY Price Forecast: Pulls back to major trendline, uptrend still intact

USD/JPY has pulled back to support from a major trendline for the long-term uptrend at about 152.55.
New
update2024.11.09 00:16

EUR/GBP Price Analysis: Negative trend continues, downside risks prevail

The EUR/GBP fell towards 0.8310 as sellers continue pushing downwards but will face strong support at the psychological 0.8300 area.
New
update2024.11.09 00:15

US UoM Consumer Confidence Index improves to 73 in November vs. 71 expected

Consumer confidence in the US improved in early November, with the preliminary University of Michigan's Consumer Sentiment Index rising to 73 from 70.5 in October.
New
update2024.11.09 00:05

Trump 2.0: A major shift in US economic policy - Rabobank

Trump's clear and swift victory in the US presidential election has prevented turmoil in financial markets and more importantly political violence in the streets, Rabobank's Philip Senior US Strategist Marey notes.
New
update2024.11.08 23:58

GBP/USD Price Forecast: Falls deeper below 1.3000 on strong US Dollar

The Pound Sterling dropped from around 1.2980 on Friday as the Greenback recovered some ground following Thursday's losses.
New
update2024.11.08 23:56

China's crude oil imports fell again in October - Commerzbank

China imported less crude oil in October as well. According to customs data, crude oil imports fell by 9% year-on-year to 44.7 million tons, or 10.5 million barrels per day, Commerzbank's commodity analyst Carsten Fritsch notes.
New
update2024.11.08 23:38

GBP/CAD Price Prediction: Rising Wedge pattern could be vulnerable to break down

GBP/CAD recovers to trade back inside its Rising Wedge pattern after temporarily falling below the lower boundary line.
New
update2024.11.08 23:31

EUR/CHF Price Forecast: Triangle pattern completing, breakout to follow

EUR/CHF has formed a Triangle pattern over the last three months which looks like it is on the verge of completing as it tapers to a tip at around 0.9400.
New
update2024.11.08 23:02

USD/CAD climbs above 1.3900 as US Dollar bounces back, Canadian job data falters

The USD/CAD pair jumps above the key resistance of 1.3900 in Friday's North American session.
New
update2024.11.08 22:53

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.

  • 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
Cancel