GBP/USD Price Analysis: Extends losses past 1.2700, traders eye 100-DMA
20.06.2024, 14:25

GBP/USD Price Analysis: Extends losses past 1.2700, traders eye 100-DMA

  • GBP/USD edges down 0.30%, following the Bank of England's rate decision.
  • Technical outlook shows neutral to upward bias, with critical support at 1.2643/38.
  • Resistance levels to watch: 1.2700, 1.2739, and 1.2800. Support levels include 1.2619, 1.2600, and 200-DMA at 1.2551.

The Pound Sterling collapsed during the North American session, below the 1.2700 figure after the Bank of England (BoE) decided to keep rates unchanged but hinted at a possible cut in the summer. The GBP/USD trades at 1.2677, down 0.30%.

GBP/USD Price Analysis: Technical outlook

From a technical perspective, the GBP/USD is neutral to upward biased, but as it approaches the confluence of the 100-day moving average (DMA) and the May 3 high turned support at around 1.2643/38, a pierce underneath that zone, would accelerate the downtrend, change the pair bias and challenge the 50-DMA at 1.2619. Further losses are seen underneath the atter at 1.2600, ahead of testing the 200-DMA at 1.2551.

On the other hand, if buyers lift the exchange rate above 1.2700, the GBP/USD might get to the current week's high of 1.2739. Once cleared, the next stop would be the already tested 1.2800 mark.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2677
Today Daily Change -0.0043
Today Daily Change % -0.34
Today daily open 1.272
 
Trends
Daily SMA20 1.2743
Daily SMA50 1.2618
Daily SMA100 1.264
Daily SMA200 1.2554
 
Levels
Previous Daily High 1.274
Previous Daily Low 1.27
Previous Weekly High 1.286
Previous Weekly Low 1.2657
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1.2725
Daily Fibonacci 61.8% 1.2716
Daily Pivot Point S1 1.27
Daily Pivot Point S2 1.268
Daily Pivot Point S3 1.266
Daily Pivot Point R1 1.274
Daily Pivot Point R2 1.276
Daily Pivot Point R3 1.278

 

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Swiss Franc.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.13% 0.29% 0.35% -0.12% 0.00% 0.03% 0.74%
EUR -0.13%   0.15% 0.22% -0.25% -0.12% -0.11% 0.61%
GBP -0.29% -0.15%   0.06% -0.39% -0.27% -0.26% 0.45%
JPY -0.35% -0.22% -0.06%   -0.49% -0.33% -0.35% 0.39%
CAD 0.12% 0.25% 0.39% 0.49%   0.11% 0.13% 0.85%
AUD -0.01% 0.12% 0.27% 0.33% -0.11%   0.01% 0.74%
NZD -0.03% 0.11% 0.26% 0.35% -0.13% -0.01%   0.72%
CHF -0.74% -0.61% -0.45% -0.39% -0.85% -0.74% -0.72%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

 

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