Key Moments
- GBP/USD has traded around 1.3380 during early European hours on Thursday, marking a third consecutive session of losses.
- The pair faces initial resistance at the nine-day EMA near 1.3414 while primary support is seen at the three-month low of 1.3253.
- The 14-day RSI remains just below 40, reinforcing a bearish bias without signaling oversold conditions.
Technical Outlook for GBP/USD
GBP/USD has continued to move lower for a third straight session, trading near 1.3380 in early European hours on Thursday. The short-term tone remains cautiously negative, with spot holding beneath the falling nine-day Exponential Moving Average (EMA) and now also below the relatively flat 50-day EMA. This configuration points to waning upside momentum following the earlier rejection from the mid-1.36 area.
On the daily chart, price action shows a retreat from the upper boundary of a descending channel, further reinforcing the bearish structure. The 14-day Relative Strength Index (RSI) is positioned just under the 40 level, indicating persistent downward pressure rather than oversold conditions. This keeps the emphasis on the ongoing pattern of lower daily highs.
Key Support Zones
On the downside, the pair may move toward its primary support at the three-month low of 1.3253, which was posted on December 3. A break below that level would expose the lower boundary of the descending channel, located around 1.3140. Continued weakness beneath the channel floor could open the way for a retest of the 11-month low at 1.3010.
Resistance Levels and Potential Recovery Path
On the topside, the first notable resistance is aligned with the nine-day EMA at 1.3414, which is also in proximity to the upper edge of the descending channel. A sustained move above this area would signal a shift toward a bullish bias and could allow GBP/USD to challenge the 50-day EMA at 1.3482.
If medium-term price momentum improves and the pair holds above these resistance barriers, GBP/USD may have scope to revisit 1.3869, the highest level since September 2021, last reached on January 27.
(The story was corrected on March 12 at 08:00 GMT to say in the first paragraph that “European hours on Thursday,” and not on Wednesday.)
GBP/USD: Daily Chart
(The technical analysis of this story was written with the help of an AI tool.)
Pound Performance Against Major Currencies
The table below details the percentage change of the British Pound (GBP) versus a selection of major currencies today. Over this period, the British Pound has been weakest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.14% | 0.20% | 0.02% | -0.07% | 0.31% | 0.16% | 0.17% | |
| EUR | -0.14% | 0.07% | -0.18% | -0.22% | 0.17% | 0.03% | 0.03% | |
| GBP | -0.20% | -0.07% | -0.26% | -0.27% | 0.10% | -0.04% | -0.04% | |
| JPY | -0.02% | 0.18% | 0.26% | -0.03% | 0.35% | 0.19% | 0.18% | |
| CAD | 0.07% | 0.22% | 0.27% | 0.03% | 0.38% | 0.23% | 0.21% | |
| AUD | -0.31% | -0.17% | -0.10% | -0.35% | -0.38% | -0.14% | -0.14% | |
| NZD | -0.16% | -0.03% | 0.04% | -0.19% | -0.23% | 0.14% | -0.02% | |
| CHF | -0.17% | -0.03% | 0.04% | -0.18% | -0.21% | 0.14% | 0.02% |
The heat map above displays the percentage moves of major currencies relative to each other. The base currency is indicated in the left-hand column, while the quote currency appears in the top row. For instance, selecting the British Pound from the left column and moving horizontally to the US Dollar cell shows the percentage change in GBP (base)/USD (quote).
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