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GBP/USD Price Forecast: Steadies below 1.3400 after strong UK data

The Pound Sterling held to gains against the Greenback during the North American session and edged up 0.14%. Earlier, solid Gross Domestic Product (GDP) figures in the UK sponsored a leg-up above 1.3400, but bulls failed to hold the exchange rate above the latter. The GBP/USD trades at 1.3387. GBP/USD Price Forecast: Technical outlook Even though the GBP/USD is bullish-biased, failure to decisively clear the year-to-date (YTD) high of 1.3434 might open the door for further downside. Momentum favors buyers, with the Relative Strength Index (RSI) aiming up at bullish territory. Hence, the path of least resistance is tilted to the upside. The GBP/USD first resistance would be 1.3400. A breach of the latter will expose the daily high of 1.3422, followed by the YTD peak at 1.3434. Conversely, if bears keep the exchange rate below 1.3400, further losses lie ahead. The first support is 1.3359, today’s low, followed by the September 25 cycle low of 1.3312. If surrendered, up next lie the September 23 low of 1.3248. GBP/USD Price Action – Daily Chart

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Publication date:

2024-09-30 16:55:11 (GMT)

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