By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: GBP/USD Price Prediction: Testing nine-day EMA above descending channel near 1.2550
Share
Notification Show More
Latest News
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > GBP/USD Price Prediction: Testing nine-day EMA above descending channel near 1.2550
Forex

GBP/USD Price Prediction: Testing nine-day EMA above descending channel near 1.2550

News Room
Last updated: 2024/12/31 at 8:57 AM
News Room
Share
3 Min Read
SHARE

GBP/USD is currently trading around 1.2550, showing signs of retracing recent losses. The daily chart analysis indicates a weakening bearish bias as the pair is positioned above the upper boundary of a descending channel pattern. However, the 14-day Relative Strength Index (RSI) remains below the 50 level, suggesting a persistent bearish bias. The pair is also below its nine- and 14-day Exponential Moving Averages (EMAs), indicating weaker short-term price momentum.

The GBP/USD pair is testing the upper boundary of the descending channel near the 1.2540 level. A reversal back into the channel would strengthen the bearish bias, potentially leading the pair towards its seven-month low of 1.2487. A break below this low could intensify bearish momentum, driving the pair towards its yearly low of 1.2299, last recorded on April 22. Further downside could target the lower boundary of the descending channel near the 1.2160 level.

On the upside, immediate resistance is seen at the nine-day Exponential Moving Average (EMA) at 1.2565, followed by the 14-day EMA at 1.2585. A successful break above these levels could enhance bullish momentum, opening the path for a move towards the six-week high of 1.2811, reached on December 6.

The table below shows the percentage change of the British Pound against major currencies today, with the Pound being the strongest against the New Zealand Dollar. The heat map depicts the percentage changes of major currencies against each other, with the base currency on the left column and the quote currency on the top row. These insights can help traders make informed decisions based on the current market conditions.

In conclusion, the GBP/USD pair is exhibiting a weakening bearish bias as it trades above the upper boundary of the descending channel pattern. While the 14-day RSI remains below 50, indicating a persistent bearish bias, a break above the EMAs could signal a shift from bearish to bullish momentum. Traders should keep a close watch on key support and resistance levels to navigate the current market environment successfully.

Overall, the GBP/USD pair’s performance will continue to be influenced by various factors, including economic data releases, geopolitical events, and market sentiment. By staying informed and adapting to changing market conditions, traders can make sound strategic decisions to capitalize on opportunities and manage risks effectively in the forex market.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room December 31, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Amir exchanges New Year greetings
Next Article Chairperson of BPS Highlights Conflict Between Private Hospitals’ Pharmacy Policies and Patient Preferences
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports June 10, 2025
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?