Technical Analysis of the British Pound: GBP/USD, GBP/JPY, and EUR/GBP

TALKING POINTS IN BRITISH POUND:

  • With this morning’s news of yet another leadership transition at the UK PM position, headlines continue to push the British Pound.
  • While the GBP/USD pair has recently shown various short-term trends, the longer-term price action has been consolidating inside the range formed in late September and early October. A significant long-term resistance level is being tested by GBP/JPY, while a longer-term look at EUR/GBP shows some potential.

More unrest is making headlines in the UK as Liz Truss’ resignation as prime minister was announced this morning, marking yet another shift in leadership at No. 10. The price movement of the British Pound suggests that this wasn’t a major surprise. The GBP/USD exchange rate has so far seen a modest increase as a result of the news, but this is limited by the larger picture, which has mostly been one of consolidation since the GBP/USD crash in late September drew back into the 1.1500 regions of resistance.

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