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 rose to 1.2680
16.05.2024
The selling of the U.S. dollar after the release of the American CPI led to the British pound breaking 1.2600-1.2620 resistance and rising to 1.2680 resistance. The breakout of last Friday's high at the 1.2633 level improves the pair's prospects, and bulls may next test 1.2710 resistance. Pullbacks toward 1.2633 may be used for buying, and losing this support will lead to a decline toward 1.2600.
GBP/USD broke 1.2565 resistance
15.05.2024
Taking advantage of the somewhat unclear weakness of the U.S. dollar, the British pound, bouncing off 1.2520 support, broke 1.2565 resistance and tested the 1.2591 level. Bulls may break this level, in which case one can expect a growth toward 1.6230, but selling on the rise should not be ruled out. Loss of 1.2565 support will lead to a decline toward 1.2540-1.2520.
GBP/USD tested 1.2565 resistance
14.05.2024
With ongoing demand, the British pound rose yesterday, breaking 1.2540 resistance against the U.S. dollar and testing 1.2565 resistance, which is currently preventing further upward movement. The nearest support now lies at 1.2550, above which the chances of breaking resistance and rising to the 26th figure remain high. The loss of support will lead to a decline toward 1.2520-1.2510.
GBP/USD trades in opposite directions
13.05.2024
The British pound on Friday was sold against the U.S. dollar from 1.2540 resistance and bought from 1.2505 support. Despite steady demand on dips, risks of breaking support and falling toward 1.2470-1.2450 remain high below Friday's highs. Breaking resistance will lead to a growth toward 1.2570-1.2590.
GBP/USD bought on the dip after Bank of England decision
10.05.2024
As predicted by analysts, the Bank of England maintained the same interest rate, while two members of the MPC voted for a decrease. This triggered a brief decline in the British pound against the U.S. dollar toward 1.2450 support, after which the pair returned to 1.2500 resistance, broke it, and tested the 1.2525 level. With increased chances of a rate cut by the Bank of England at the next meeting, the pound's rise may be used for selling. Breaking the current resistance will lead to a growth toward 1.2550, where the British pound may also be sold.
GBP/USD is also under pressure
09.05.2024
The British pound also remained under selling pressure yesterday against the U.S. dollar, during which 1.2485 support was broken and the 1.2470 support level was tested. Prior to the Bank of England's decision on the interest rate, the British pound could undergo consolidation within a tight range. Any hints of an imminent rate cut may provoke selling and a decline toward 1.2440-1.2400. The intention to maintain the current rate level for a longer period may support the British pound and contribute to its growth toward 1.2530-1.2550.
GBP/USD sold on attempted rise
08.05.2024
The pullback of the British pound from 1.2530 support to 1.2560 resistance was used for selling, resulting in support being broken and the 1.2502 level being tested. The loss of current support implies a decline toward 1.2480-1.2460, and ahead of the Bank of England's decision, dips in the market may yet offer opportunities for cautious buying.
GBP/USD fails to reclaim above 1.2600
07.05.2024
The British pound tested the level of 1.2633 against the U.S. dollar on weak U.S. employment data, then fell to 1.2535 support. Yesterday, bulls tested 1.2593, where they faced pressure again, falling back to 1.2560 support. The GBP/USD trend reversal is not up for discussion yet, as weak NFP doesn't automatically imply an immediate rate cut by the Federal Reserve. Downside risks toward 1.2520-1.2500 remain. Breaking 1.2593 resistance will lead to a growth toward 1.2640-1.2660.
GBP/USD returned to 1.2540 after decline
03.05.2024
Yesterday, the British pound was under selling pressure against the U.S. dollar. It tested 1.2475 support, where it was bought back and quickly went back up to 1.2540 resistance. Rising above the 25th figure mark could weaken bearish positions, but until the 1.2550-1.2570 resistance levels are broken, it's premature to talk about a trend reversal, and the risks of dropping below the 25th figure mark to 1.2480 at least will persist.
GBP/USD returned to resistance
02.05.2024
The British pound was bought against the U.S. dollar on the decline to 1.2468 support. After testing it, it rose to 1.2550 resistance, which is currently holding well. Below 1.2550-1.2570, it's more likely that the decline will start again. Breaking the latter level will lead to a growth toward the 26th figure.
GBP/USD is also sold on the rise
01.05.2024
The rise of the British pound against the U.S. dollar, as predicted, was used for selling, leading to its decline from 1.2550 resistance to the 1.2492 level. Next, the bears may test 1.2450 support, breaking it will lead to a decline toward 1.2430. Passing 1.2510/20 will lead to a growth toward 1.2540-1.2560.
GBP/USD continues its recovery
30.04.2024
The British pound was in demand yesterday against the U.S. dollar, which led to a breakout of 1.2520-1.2540 resistance and a rise to the level of 1.2570. Continued decreases in EUR/GBP cross-rate will facilitate an upward movement toward the 26th figure, yet the appreciation of the British pound might still serve as an opportunity for selling. Losing support at 1.2540 will lead to a decline toward 1.2520-1.2500.
GBP/USD is under selling pressure
29.04.2024
Another attempt by the British pound bulls to break 1.2525 resistance was unsuccessful, resulting in a breakout of 1.2500 support and a dip to 1.2455 support. After testing it, the British pound bounced back toward the 25th figure, which now acts as resistance. At this stage, there are risks of retesting 1.2455 support and its breakout. A break of 1.2500 will lead to a growth toward 1.2525.
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.
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.