The GBP/USD pair advances by some 0.78% on Thursday as market participants continue to price in further tightening by the Bank of England (BoE), even though it kept rates steady earlier in the day. At the time of writing, the pair trades at 1.3581 as a technical ‘bullish engulfing’ chart pattern looms.
GBP/USD Price Forecast: Technical outlook
From a technical perspective, GBP/USD is neutral but tilted to the upside as the pair clears a key resistance trendline around 1.3560/65, clearing the way towards 1.3600. Momentum, as depicted by the Relative Strength Index (RSI), jumped sharply past the 60 reading, an indication that bulls are in charge.
If GBP/USD clears the 1.3600 handle and confirms a ‘bullish engulfing’ chart pattern, it opens the door for challenging the February 11 daily high at 1.3711. Once breached, the next area of interest would be the psychological 1.3800 figure.
Conversely, a sudden reversal near the April 29 daily high of 1.3528 opens the door for a drop to 1.3500. A decisive break will expose the confluence of the 100- and 20-day SMAs at 1.3468/67, followed by the April 23 low of 1.3448.
GBP/USD Price Chart – Daily
Pound Sterling Price This week
The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.26% | -0.54% | -1.91% | -0.53% | -0.74% | -0.45% | -0.60% | |
| EUR | 0.26% | -0.25% | -1.74% | -0.24% | -0.45% | -0.16% | -0.32% | |
| GBP | 0.54% | 0.25% | -1.44% | 0.01% | -0.21% | 0.09% | -0.07% | |
| JPY | 1.91% | 1.74% | 1.44% | 1.47% | 1.24% | 1.62% | 1.44% | |
| CAD | 0.53% | 0.24% | -0.01% | -1.47% | -0.17% | 0.15% | -0.08% | |
| AUD | 0.74% | 0.45% | 0.21% | -1.24% | 0.17% | 0.30% | 0.14% | |
| NZD | 0.45% | 0.16% | -0.09% | -1.62% | -0.15% | -0.30% | -0.16% | |
| CHF | 0.60% | 0.32% | 0.07% | -1.44% | 0.08% | -0.14% | 0.16% |
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).
