The GBP/USD pair is currently showing an upward bias on the daily chart, despite short-term RSI signals presenting a mixed picture. The hourly chart, on the other hand, reveals a bearish trend with the pair trading below the 50, 100, and 200-hour moving averages. Sellers are currently targeting a level of 1.3108, with potential downside to 1.3100. Additional support levels are seen at the August 22 low of 1.3076 and the August 20 high of 1.3052. Buyers reclaiming the 200-hour moving average at 1.3148 could initiate a recovery towards the 50-hour moving average at 1.3182 and the key level of 1.3200.
Despite the recent three-day losing streak, the GBP/USD pair has found support at daily and weekly lows of 1.3129 and is currently trading at 1.3149, down marginally. Data from the US has played a role in driving the pair lower, as the Fed’s preferred measure of inflation met expectations, suggesting a potential rate cut by the US Federal Reserve at their upcoming September meeting. While the daily chart maintains an upward bias, short-term sellers are currently leading the way, as indicated by the RSI.
On the hourly chart, the GBP/USD pair remains bearish, with the exchange rate below key moving averages. Sellers are eyeing the low of 1.3108, with possible further downside to 1.3100. Additional support levels are seen at 1.3076 and 1.3052. A recovery could be triggered if buyers reclaim the 200-hour moving average at 1.3148, pushing the pair towards the 50-hour moving average at 1.3182 and the 1.3200 level.
Today, the British Pound has shown strength against major currencies, with the GBP being the strongest against the Japanese Yen. The percentage changes of the Pound against other currencies are displayed in a table, indicating movements in relation to the USD, EUR, JPY, CAD, AUD, NZD, and CHF. The heat map visually represents the percentage changes of major currencies against each other, with the GBP showing positive movement against most currencies.
In conclusion, the GBP/USD pair continues to face selling pressure in the short term, with key support levels to watch. While the daily chart maintains an upward bias, the RSI signals caution. Buyers may step in if the 200-hour moving average is reclaimed, leading to a potential recovery towards key resistance levels. The upcoming US Federal Reserve meeting could also impact the pair’s direction, and traders will be closely monitoring economic data and central bank decisions for further clues on the GBP/USD movement.
