GBP/USD PRICE FORECAST: REMAINS ABOVE 1.2750 WITH TESTING NINE-DAY EMA
- GBP/USD could test the immediate barrier at a nine-day EMA of 1.2767 level and the upper boundary around 1.2800 level.
- The technical analysis of a daily chart suggests a bearish bias for the pair.
- The lower edge of the descending channel around the level of 1.2650 could act as a key support.
GBP/USD pauses its two-day advance, trading around 1.2760 during the Asian session on Monday. The daily chart analysis shows the pair is consolidating within a descending channel, indicating a bearish bias.
The Moving Average Convergence Divergence (MACD) indicator suggests bearish momentum, as the MACD line is below both the signal line and the centerline. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 level, reinforcing the bearish outlook.
For resistance, the pair faces an immediate barrier around the nine-day Exponential Moving Average (EMA) at the 1.2767 level, followed by the upper boundary around the 1.2800 level. A breakout above this level could propel GBP/USD toward the yearly peak of 1.3044 level, reached on July 17.
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