The pound registered minimal gains versus the US dollar during Friday’s trading session after it reached a two-and-a-half-year high of 1.3340 on an upbeat retail sales report in the United Kingdom. At the time of writing, the GBP/USD currency pair was seen trading at around 1.3282, marking a gain of approximately 0.03%.
GBP/USD Price Forecast: Technical Outlook
From a technical standpoint, the GBP/USD currency cross clashed with solid resistance, as the pair reached the top of an ascending channel, shy of testing 1.3350. Since then, the pair has erased those gains. The duo appeared ready to form a ‘shooting star’ candle, which could open the door for further losses.Momentum remained bullish according to the Relative Strength Index (RSI). However, a negative divergence continued to loom, which could spur a pullback in the pair in the coming days.If the GBP/USD pair was to tumble below the 1.3250 mark, further downside could be seen. Once cleared, the next stop would be the Sept. 6 peak at 1.3239, ahead of the 1.3200 level. If surpassed, key support levels would be exposed, like the July 14, 2023 peak at 1.3142, followed by the Sept. 11 low of 1.3001.Conversely, if the GBP/USD cross could reclaim the 1.3300 mark, the first resistance would be the year-to-date high of 1.3340 ahead of the March 1, 2022 pivot high at the 1.3437 level.
GBP/USD Price Action – Daily Chart
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Great British Pound Prices
The table below shows the percentage change of the British pound against other listed major currencies as of the time of writing. The British pound was the strongest against the Japanese yen.
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