GBP/USD Price Forecast: Clings To Daily Gains Below 1.2700

 Sterling clings to earlier gains yet trades off the weekly highs, which reached around 1.2749 during the European session. At the time of writing, the GBP/USD trades at 1.2684, virtually unchanged. GBP/USD Price Forecast: Technical outlookAlthough the GBP/USD is set for weekly gains of over 1.2%, price action suggests Cable didn’t find acceptance above 1.2700, which could exacerbate a pullback toward the 1.2600 figure. In that outcome, the pair’s next support would be the November 27 daily low of 1.2564, followed by the November 26 low of 1.2506. On further weakness, the November 22 pivot low of 1.2486 is on the cards.Conversely, if GBP/USD finishes the week above 1.2700, this could pave the way for testing the 200-day Simple Moving Average (SMA) at 1.2818. However, buyers must clear the current week’s peak of 1.2749.Oscillators such as the Relative Strength Index (RSI) hint that buyers are gathering momentum, even though the RSI remains below its neutral line.Therefore, in the short-term, the GBP/USD upside is seen if it clears at 1.2700. GBP/USD Price Chart – Daily(Click on image to enlarge) British Pound PRICE TodayThe table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Canadian Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF USD   0.06% -0.01% -0.93% 0.07% -0.12% -0.44% -0.08% EUR -0.06%   -0.06% -1.01% 0.01% -0.18% -0.50% -0.14% GBP 0.00% 0.06%   -0.97% 0.07% -0.12% -0.44% -0.08% JPY 0.93% 1.01% 0.97%   1.02% 0.81% 0.48% 0.86% CAD -0.07% -0.01% -0.07% -1.02%   -0.20% -0.51% -0.15% AUD 0.12% 0.18% 0.12% -0.81% 0.20%   -0.32% 0.04% NZD 0.44% 0.50% 0.44% -0.48% 0.51% 0.32%   0.36% CHF 0.08% 0.14% 0.08% -0.86% 0.15% -0.04% -0.36%  

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). More By This Author:Gold Holds Firm Above $2,600 As Geopolitical Jitters, Dovish Fed Fuels Demand Gold Recovers, Boosted By Soft US Dollar After US Inflation Data GBP/USD Price Forecast: Stumbled And Hovered Around 1.2520 Ahead Of Next Week’s Data