The GBP/USD pair failed to gain traction amidst mixed US economic data, with sellers remaining in charge as prices stayed below 1.3055. Key support levels were identified at 1.3001 and 1.2939. Buyers could potentially regain control above 1.3055 and target the 50-day moving average.
The Pound Sterling saw a bounce off a four-week low of 1.3010 in early North American trading, currently trading at 1.3040, down 0.54%. The technical outlook for GBP/USD showed a recovery during Thursday’s session following mixed US data, with inflation rising slightly but signs of weakness in the labor market. The pair initially dipped to 1.3010 before stabilizing at current levels, with Pound bulls needing to reclaim the October 9 low of 1.3055 to remain hopeful for higher prices.
In the event that bulls reach 1.3055, they could challenge the 50-day moving average and the day’s high of 1.3093. Further gains could be seen above 1.3100. On the flip side, if 1.3055 is not regained, sellers could push the exchange rate towards the September 11 low of 1.3001, potentially testing the 100-DMA at 1.2939. The daily chart for GBP/USD shows the price action.
The table below displays the percentage change of the British Pound against major currencies, with the Pound being the strongest against the Canadian Dollar on that day. The heat map illustrates the percentage changes of major currencies against each other, with the base currency selected from the left column and the quote currency from the top row. The British Pound’s movement against the US Dollar, Euro, Japanese Yen, Canadian Dollar, Australian Dollar, New Zealand Dollar, and Swiss Franc is shown.
Overall, the GBP/USD pair’s outlook remains dependent on key support and resistance levels, with buyers needing to reclaim control above 1.3055 to target higher prices. Conversely, sellers could drive prices lower if the pair remains below the key level. Traders will continue to monitor economic data and market developments to gauge the direction of the Pound Sterling against the US Dollar in the near term.
