GBP/USD Price Forecast: Hovers around 1.2950 near nine-day EMA

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

GBP/USD challenges the immediate resistance near the four-month high of 1.3014.


The pair climbs above the nine-day EMA, strengthening the bullish outlook for short-term price action.


The nine-day EMA at 1.2936 acts as the nearest support level.


The GBP/USD pair holds steady after gains in the previous session, hovering around 1.2950 during Friday's Asian trading hours. The technical analysis of the daily chart suggests a sustained bullish outlook, with the pair consolidating within an ascending channel pattern.

The 14-day Relative Strength Index (RSI) stays above 50, signaling strong bullish momentum. Furthermore, the GBP/USD pair rebounds above the nine-day Exponential Moving Average (EMA), reinforcing a bullish outlook for short-term price movement.


The GBP/USD pair may encounter initial resistance near the four-month high of 1.3014, recorded on March 20. A continued advance could strengthen the bullish bias, potentially driving the pair toward the ascending channel’s upper boundary around 1.3210.


On the downside, the nine-day EMA at 1.2936 serves as the immediate support, followed by the ascending channel’s lower boundary near 1.2880. A break below this critical zone could weaken short-term price momentum, with the 50-day EMA at 1.2752 acting as the next key support. A further decline below this level may erode the medium-term bullish outlook, potentially pushing the pair toward the two-month low of 1.2249, recorded on February 3.


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 New Zealand Dollar.

17431336462292

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).

 

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
GBP/USD rises above 1.2900 as US yields decline, Q4 GDP Annualized report eyedGBP/USD recovers its recent losses from the previous session, climbing to around 1.2910 during Thursday’s Asian session.
Author  FXStreet
Mar 27, Thu
GBP/USD recovers its recent losses from the previous session, climbing to around 1.2910 during Thursday’s Asian session.
placeholder
Pound Sterling declines after UK employment data, BoE policy awaitedThe Pound Sterling (GBP) faces selling pressure against its major peers, except antipodeans, on Thursday after the release of the United Kingdom (UK) labor market data for three months ending January.
Author  FXStreet
Mar 20, Thu
The Pound Sterling (GBP) faces selling pressure against its major peers, except antipodeans, on Thursday after the release of the United Kingdom (UK) labor market data for three months ending January.
placeholder
GBP/USD snaps winning streak as Cable markets take a breatherGBP/USD faltered on Thursday, ending a stellar three-day run that saw the Pound Sterling gain 2.57% bottom-to-top against the Greenback from the start of the week.
Author  FXStreet
Mar 07, Fri
GBP/USD faltered on Thursday, ending a stellar three-day run that saw the Pound Sterling gain 2.57% bottom-to-top against the Greenback from the start of the week.
placeholder
Pound Sterling strengthens on upbeat UK GDP data, risk-on market moodThe Pound Sterling (GBP) strengthens in Thursday’s European session due to multiple tailwinds, such as upbeat United Kingdom (UK) data and a cheerful market mood.
Author  FXStreet
Feb 13, Thu
The Pound Sterling (GBP) strengthens in Thursday’s European session due to multiple tailwinds, such as upbeat United Kingdom (UK) data and a cheerful market mood.
placeholder
Pound Sterling faces pressure as BoE Mann guides dovish monetary policy outlookThe Pound Sterling (GBP) weakens against its major peers in European trading hours on Tuesday after a dovish commentary from Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann in an interview with the Financial Times (FT) earlier in the day.
Author  FXStreet
Feb 11, Tue
The Pound Sterling (GBP) weakens against its major peers in European trading hours on Tuesday after a dovish commentary from Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann in an interview with the Financial Times (FT) earlier in the day.
Real-time Quote