Hourly chart reveals bearish trend with the pair below 50, 100, and 200-HMAs; sellers aim for 1.3108 and potentially 1.3100.
Additional supports at August 22 low of 1.3076 and August 20 high of 1.3052.
Buyers reclaiming 200-HMA at 1.3148 could push recovery to 1.3182 (50-HMA) and 1.3200.
The GBP/USD extends its losing streak to three days yet has bounced off daily/weekly lows of 1.3129 and exchanges hands at 1.3149, down a modest 0.14%. Data from the United States (US) spurred a leg-down in the currency pair as the Fed’s preferred gauge for inflation came as expected, hinting that the US Federal Reserve could cut rates at the upcoming September meeting.
GBP/USD Price Forecast: Technical outlook
Daily, the GBP/USD remains upward biased despite retreating toward the 1.3120 area. In the short term, sellers are in charge, as revealed by the Relative Strength Index (RSI), which is bullish but aiming lower and showing mixed readings.
Zooming into the hourly chart, the GBP/USD is bearishly biased, as the exchange rate remains below the 50, 100, and 200-hour moving averages (HMAs), with sellers eyeing last Friday's low of 1.3108. Once cleared could pave the way for testing the 1.3100 figure. A further downside is seen at the August 22 swing low of 1.3076, ahead of the August 20 high at 1.3052.
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