Market news
23.05.2024, 15:00

GBP/USD Price Analysis: Shooting star emerges as sellers eye 1.2600

  • GBP/USD slides 0.04%, peaking at 1.2746 in early North American trading.
  • Technicals show a bearish trend with a 'shooting star' pattern and momentum with sellers.
  • Support on May 21 low of 1.2686, May 16 low of 1.2643, and 1.2600 psychological level.
  • Resistance at 50-hour SMA (1.2721), 100-hour SMA (1.2712), weekly high of 1.2761; potential target at 1.2800.

Early during the North American session, the British Pound dropped against the Greenback after data from the United States showed that business activity was picking up. Alongside that, inflationary pressures rose, sparking investors' fears that the Fed would delay cutting rates later during the year. The GBP/USD trades at 1.2711 after hitting a high of 1.2746, down 0.04%

GBP/USD Price Analysis: Technical outlook

The GBP/USD edges are lower after printing a ‘shooting star’ on Wednesday, a prelude to lower prices. Today’s price action witnessed a jump toward a high of 1.2750, but it still failed to crack the current week’s high of 1.2761, which opened the door for further losses.

In the short term, the GBP/USD one-hour chart suggests the pair is range-bound, capped on the upside by the 50-hour SMA at 1.2721 and the 100-hour SMA at 1.2712. However, momentum supports sellers, as shown by the Relative Strength Index (RSI), which remains bearish and hovers at its lowest level since May 17.

Therefore, if the major drops beneath 1.2700, the next support would be the May 21 low of 1.2686, followed by the May 16 low of 1.2643 and the psychological 1.2600 mark.

Conversely, if buyers lift the exchange rate above 1.2746, that will sponsor a test of the weekly high of 1.2761. Further strength and the pair could aim for 1.2800.

GBP/USD Price Action – Hourly Chart


Today last price 1.2713
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.2717
Daily SMA20 1.2581
Daily SMA50 1.2582
Daily SMA100 1.2633
Daily SMA200 1.2541
Previous Daily High 1.2761
Previous Daily Low 1.27
Previous Weekly High 1.2712
Previous Weekly Low 1.2509
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2738
Daily Fibonacci 61.8% 1.2724
Daily Pivot Point S1 1.2691
Daily Pivot Point S2 1.2665
Daily Pivot Point S3 1.263
Daily Pivot Point R1 1.2752
Daily Pivot Point R2 1.2787
Daily Pivot Point R3 1.2813



© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location