GBP/USD forecast for today by Traders Union analysts
The GBP/USD currency pair is the second most popular major pair after EUR/USD in the Forex market. The GBP/USD price prediction is prepared by Traders Union experts based on the technical analysis of the pair’s price chart. The analysts use several methods to make a more accurate price prediction of the British pound sterling against the US dollar, including analysis of Forex indicators, and support and resistance levels.
GBP/USD bought on decline
26.04.2024
The British pound fell to 1.2460 support against the U.S. dollar on U.S. GDP data, but soon managed to return back to 1.2520 resistance, increasing the chances of its breakout and a growth toward 1.2560. In case of an increase in the U.S. PCE index, a decline of the pair to 1.2460-1.2430 support is possible.
GBP/USD bought on pullbacks
25.04.2024
Sales of the British pound against the U.S. dollar from 1.2460 resistance led to its decline to 1.2425 support, but demand remains on the decline, and against this background, bulls have tested the level of 1.2470 at the moment. The ability to consolidate above 1.2425 indicates some improvement in the pair's outlook, but below 1.2480-1.2500, downside risks will persist.
GBP/USD rose to 1.2460
24.04.2024
Having found the 1.2335 support level, the British pound continued its recovery against the U.S. dollar yesterday, rising to 1.2460 resistance. Next, bulls may test 1.2480 resistance, but bear activity may occur on the way. The nearest target for bears could be the 1.24 level.
GBP/USD tested 1.2300
23.04.2024
After pulling back to 1.2390 resistance, the British pound was sold against the U.S. dollar again, and bears tested support at the 23rd figure. Locking of profits from this level contributed to a pullback to 1.2360 resistance, but this pullback could be used for selling. Breaking resistance will lead to a growth toward 1.2390-1.2410, where bears may also become active.
GBP/USD ended the week with a decline
22.04.2024
The ascent of the British pound against the U.S. dollar from support at 1.2390 to 1.2465 resistance was predictably capitalized on for sales, resulting in the break of support and the pound concluding the week with a downturn to 1.2365. Hence, a decline toward 1.2330-1.2300 at this stage seems the most plausible scenario. Breaking 1.2390 will enable bulls to test 1.2420-1.2450.
GBP/USD remains under selling pressure
19.04.2024
The British pound again rose toward the resistance level of 1.2480 against the U.S. dollar, where it was sold again, and at the moment it is trading at around 1.2437, indicating downside risks toward 1.2420-1.2400. Breaking resistance will lead to a growth toward 1.2500-1.2520. The pair's outlook remains negative.
British pound/US dollar remains under pressure despite inflation growth in the UK
18.04.2024
Despite accelerating inflation in the UK, attempts by the British pound to rise against the U.S. dollar are limited by resistance at 1.2475. According to the Bank of England's forecast, inflation will decrease next month, maintaining pressure on the pound, amid which breaking support at 1.2420-1.2400 and decline toward 1.2350 are still possible. Breaking the aforementioned resistance will lead to a growth toward 1.2500-1.2530, where a bearish resurgence is possible.
British pound/US Dollar remains under pressure
17.04.2024
The British pound continues to experience pressure in the pair with the U.S. dollar, as a result of which the attempts of the bulls to break the resistance at the level of 1.2470 were unsuccessful, while the bears are continuing their attempts to break the support at 1.2420/10. The probability of breaking the support and declining toward 1.2370-1.2340 is high; passing the level of 1.2450 will lead to a growth toward 1.2490-1.2500. The growth of the pair can be further used for sales.
The pound/dollar is testing support at 1.2435 again
16.04.2024
The British pound was sold for the US dollar on a pullback to resistance near the level of 1.2795. At the moment, the bears are again testing the support around 1.2435, and if it is broken, which looks very likely, they will be able to test the 24th figure. A passage of 1.2465 will allow the bulls to test the resistance at 1.2495 again.
The pound/dollar outlook deteriorated significantly
15.04.2024
Remaining under selling pressure, the British pound broke the support of around 1.2520 against the US dollar and, continuing its decline, tested the support of 1.2430. Next, the bears may test the support at 1.2400-1.2380; breaking the local resistance at 1.2470 will allow the bulls to test 1.2500-1.2530, where the pound may be sold again. After the breakdown of the above support, the outlook for GBP/USD has deteriorated significantly.
Pound/dollar trades multidirectional
12.04.2024
Against the backdrop of the US dollar growth and Euro/Pound cross rate decline, the British Pound traded mixed, alternately testing the support at 1.2515 and resistance at 1.2575. Its outlook remains negative and the bears may test the 25th figure; passing the resistance will lead to a rise towards 1.2620, where the pound could be sold again.
Pound/dollar sell-off after the release of the US inflation report
11.04.2024
The British pound did not escape the sell-off for the US dollar after the release of a strong US inflation report. Its sellers became active after testing the resistance at 1.2705, as a result of which it collapsed to the support at 1.2520. Bounces in the direction of 1.2580-1.2600 can be used for selling and testing the 25th figure, and if it is broken, the pair will continue to decline towards 1.2460-1.2420.
Pound/dollar sold on the growth to 1.2710
10.04.2024
Having broken through the resistance around 1.2660, the British pound yesterday continued to grow against the US dollar and tested the level of 1.2710. On the growth it was sold, the bears tested the support at 1.2665 but failed to break it. From this support, growth attempts and testing of 1.2700-1.2710 are possible; loss of support will lead to a decline towards 1.2640-1.2620. The US inflation data published today may affect the pair's dynamics.
The pound/dollar rose to resistance at 1.2665
09.04.2024
The British pound bought the US dollar yesterday from support around 1.2615, and the bulls tested resistance at 1.2665. They could next test resistance around the 1.2680-1.2700 levels, but the current recovery in the pound could still be used for selling. A loss of support will lead to a decline towards 1.2580-1.2560.
The pound/dollar returned to resistance at 1.2640 after falling to support at 1.2575
08.04.2024
On the back of the strengthening of the US dollar after the release of strong data on the US labor market, the British pound collapsed to the support of 1.2575 paired with it but soon returned to the resistance of 1.2640, from which it was sold on the stat data. Sustained demand from this support keeps the bulls' chances of testing resistance around 1.2660-1.2680, but the pound's upside attempts can still be used to sell.
Pound/dollar sold off from 1.2680
05.04.2024
After finding support at 1.2650 and pushing away from it, the British pound tested resistance at 1.2680 in the pair with the US dollar, but amid the activation of the dollar, bulls were forced to retreat to the support at 1.2635. Thus, the pound remains in a vulnerable position, where the risks of renewed selling remain; in case of a weak report on employment in the U.S., a retest of yesterday's high is possible.
Pound/dollar recovers losses
04.04.2024
The fixing of long positions in the US dollar contributed to further recovery of the British pound in the pair, as a result of which the resistance at 1.2580 was broken and resistance at 1.2675 was tested. There are no reasons for the reversal of the downtrend at the moment, so the pound on the growth can be sold again, and the bears will test the support of 1.2600-1.2580; the passage of the current resistance will lead to growth in the direction of 1.2680-1.2700.
The pound/dollar is recovering after the decline
03.04.2024
The fall of the British pound against the US dollar attracted buying interest from the support of around 1.2540. After testing, it rose to the resistance at 1.2570. Its breakthrough will provide growth towards the 26th figure, on the way the pound may be sold again.
The pound/dollar broke support at 1.2580
02.04.2024
The British pound was also sold for the US dollar yesterday, which entailed a break of support around 1.2580 and a decline towards 1.2545 support. The outlook for the pair looks negative, where the bears may test the strength of the 25-figure; a break of 1.2565 would lead to a rise towards the now 1.2580-1.2590 resistance.
The pound/dollar continues consolidation
01.04.2024
The British pound continues to consolidate in the range between resistance around 1.2650-1.2670 and support 1.2610-1.2590, with the risks of breaking the support and falling towards 1.2540-1.2520 still prevailing; the passage of 1.2670 will lead to growth towards 1.2700-1.2730.
Pound/dollar trades multi-directionally
29.03.2024
After breaking the support around 1.2610, the British pound continued its decline against the US dollar and tested the support at 1.2590, followed by a rebound to the resistance at 1.2650. On growth, the pound is sold, which preserves the risks of a decline towards 1.2550; passing the resistance will allow testing 1.2670-1.2700, where sales of the pair are possible.
The pound/dollar remains above 1.2610
28.03.2024
Yesterday, the bears on the British pound probed the support around 1.2610 in the pair with the US dollar twice and failed to break it. The bulls, taking advantage of their weakness, brought it back to the resistance at 1.2640, but they do not have enough strength to break it yet. In general, downside risks in the direction of 1.2580 are still in place; passing the resistance will allow testing the resistance near the level of 1.2665.
Pound/dollar sold on the pullback to 1.2665
27.03.2024
The British pound was also sold on the pullback in the pair with the US dollar, which was also fully in line with our forecast. After breaking through the resistance at 1.2650, the pound tested the resistance at 1.2665, after which it was under selling pressure, which led to a decline to the support at 1.2625. Thus, the risks of testing the support at 1.2600-1.2580 are still prevailing; a break of 1.2650 will increase the chances of breaking 1.2665 and rising towards the 27th figure.
Pound/dollar recovers losses
26.03.2024
Moderate demand from the support at 1.2590 gave the British pound an opportunity to regain some of the losses incurred last week and test the resistance at 1.2650 against the US dollar. The bears may become active from this resistance, and its breakdown will lead to growth towards 1.2680-1.2700, where the bears may become active again.
The pound/dollar is at risk of further decline
25.03.2024
Remaining under selling pressure, the British pound continued its decline against the US dollar on Friday, resulting in the support around 1.2650 being broken and 1.2580 support being tested. The nearest resistance is at 1.2620, below which the risks of breaking the support and declining towards the 25th figure prevail; passing the resistance will lead to growth to 1.2650-1.2670, where sales of the pair are possible.
Pound/dollar declines on the decision of the Bank of England
22.03.2024
The British pound was also sold for the US dollar, in this case from resistance around the 28th figure, after testing which it collapsed to support at 1.2655. The Bank of England, as expected, left the level of interest rate unchanged but allowed its lowering in the foreseeable future, which contributed to the sell-off of the pound. In case of a pullback in the Euro/Pound cross rate, it may test the resistance at 1.2680-1.2700; loss of the current support will lead to a decline towards 1.2620-1.2600.
The pound/dollar is approaching 1.2800
21.03.2024
Taking advantage of dollar selling, the British pound broke the resistances around 1.2730 and 1.2760 levels and rose to 1.2785. The bulls may test resistance around 1.2800-1.2820, where the pound could be sold again; a break of the latter level would lead to a rise towards 1.2850.
Pound/dollar bought back on the fall
20.03.2024
The bears on the British pound broke yesterday the support around 1.2720 and tested the level of 1.2670 in the pair with the US dollar, but on the background of demand from this level, the pound was able to recover to the resistance of 1.2730. From it the pair sales and its decline to the 27th figure are possible; the passage of resistance will lead to growth in the direction of 1.2750.
The pound/dollar remains under pressure
19.03.2024
The British pound remains under the pressure of sellers, against which it tested the support near 1.2720. Ahead of the Bank of England meeting, the Fed's decision on the interest rate may impact the pair's dynamics. Until these events, it may trade between the levels of 1.2700 and 1.2760.
The pound/dollar ended the week with a fall
18.03.2024
The acceleration of inflation in the U.S. questioned the previously expected pace of interest rate cuts by the U.S. Federal Reserve. Amid renewed dollar purchases, the British pound ended the week with a decline to support at 1.2730. The nearest resistance is at 1.2760, below which downside risks prevail in the direction of 1.2680-1.2660; passing the resistance will lead to growth to 1.2780-1.2800.
GBP/USD chart
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Why is it important to know the GBP/USD price prediction?
According to Traders Union research, successful Forex traders prefer to trade majors. The GBP/USD is a major pair and also one of the most liquid ones in the market, which is why it enjoys high demand among traders and investors. According to the latest data, GBP/USD is ranked 2-3 on the rating of currency pairs with highest trading volumes.
High liquidity means minimum spreads and slippages, which is suitable for scalping and day trading. Knowing a reliable price prediction in the Forex market can help understand the situation better and make money.
FAQ
1
What is the GBP/USD price prediction based on?
Traders Union analysts use various methods of technical analysis:
indicators, support and resistance levels, patterns, etc. Combinations of different signals allow for making a more accurate GBP/USD price prediction.
2
What is technical analysis in the Forex market?
Technical analysis is a method of predicting the price movement of a currency pair based on the patterns in the past. According to the popular interpretation, behavior of traders does not change over the years, and they are inclined to repeat the same actions in similar situations. The chart is only a reflection of traders’ conduct, and it repeats some patterns.
3
Can the GBP/USD price prediction be trusted?
Financial
markets are volatile and have a certain level of uncertainty. However, Traders Union forecasts are rather accurate, as they are based on various signals and factors. In addition, Traders Union analysts often provide two versions of possible development of events: the basic and an alternative one, which can help if the situation changes.
4
What impacts British pound sterling price against the US dollar
The GBP/USD price moves under the influence of the following factors:
- Policies of the Bank of England and the U.S. Fed;
- Dynamics of export-import transactions of the two countries;
- U.S. and UK inflation;
- General trends in the global financial markets;
- Speculative trends in the Forex market.
- Policies of the Bank of England and the U.S. Fed;
- Dynamics of export-import transactions of the two countries;
- U.S. and UK inflation;
- General trends in the global financial markets;
- Speculative trends in the Forex market.