GBP/USD Price Forecast: Tests 1.2650 support near nine-day EMA

• The GBP/USD pair could target the nine-day EMA support at 1.2613.
• The 14-day RSI remains above the 50 level, indicating sustained bullish momentum.
• The initial resistance appears at the two-month high of 1.2690.

The GBP/USD pair gives up part of its recent gains from the prior session, hovering around 1.2650 during Wednesday’s Asian session. Despite this pullback, technical analysis of the daily chart indicates a sustained bullish outlook, as the pair remains within an ascending channel pattern.

The 14-day Relative Strength Index (RSI) stays above the 50 mark, reflecting strengthened bullish momentum. Additionally, the pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMAs), highlighting robust short-term price dynamics and confirming the prevailing upward trend.

The GBP/USD pair faces immediate resistance at the two-month high of 1.2690, reached on February 24, followed by the ascending channel’s upper boundary around the 1.2750 level. A decisive break above this level could strengthen the bullish outlook, paving the way for a test of the three-month high at 1.2811, last seen on December 6.

On the downside, the GBP/USD pair may find immediate support at the nine-day EMA of 1.2613, followed by the 14-day EMA at 1.2581. A break below these levels could undermine short-term price momentum, pushing the pair toward the ascending channel’s lower boundary around the 1.2500 mark.

GBP/USD: Daily Chart