GBP/USD 2024 Technical Outlook Preview

Fiona Cincotta
By :  ,  Senior Market Analyst

This is an excerpt from our full GBP/USD 2024 Outlook report, one of nine detailed reports about what to expect in the coming year. Click the banner at the bottom to download the full report.


GBP/USD forecast – technical analysis

After rising off 1.2040 the October low, GBP/USD has broken above its 50 SMA and falling trendline dating back to May 2021. 

The pair trades caught between the 50 SMA and the 200 SMA on the weekly chart and in the middle of the overall range for the year.

Supported by the RSI above 50, buyers could look for a rise above the 200 SMA at 1.2840 to extend gains to 1.30, the psychological level, and 1.3125, the July high. This is likely to be a significant barrier in 2024.

Meanwhile, sellers could look for a break below 1.2440, the 50 SMA, to expose the falling trendline support at 1.22 and 1.2040, the October low. A break below here could bring 1.18, the 2023 low, into focus, a level that is expected to be a strong support.


What are the major fundamental storylines for GBP/USD traders to watch next year? What about the impact of BOE and Fed policy? See our full guide to explore these themes and more!


Market Outlook GBP/USD

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