- GBP/USD tests key resistance near the four-month peak of 1.3014.
- The pair surpasses the nine-day EMA, reinforcing a bullish short-term trend.
- The nine-day EMA at 1.2936 serves as the closest support level.
The GBP/USD pair remains stable after recent gains, trading around 1.2950 during Friday’s Asian session. Technical analysis of the daily chart indicates a sustained bullish trend, with the pair consolidating within an ascending channel pattern.
The 14-day Relative Strength Index (RSI) stays above 50, reflecting strong bullish momentum. Additionally, the pair has rebounded above the nine-day Exponential Moving Average (EMA), further reinforcing a positive short-term outlook.
GBP/USD faces immediate resistance near the four-month high of 1.3014, recorded on March 20. A breakout above this level could strengthen the bullish bias, potentially driving the pair toward the ascending channel’s upper boundary near 1.3210.
On the downside, the nine-day EMA at 1.2936 serves as the nearest support, followed by the ascending channel’s lower boundary around 1.2880. A decisive drop below this zone could weaken short-term momentum, with the 50-day EMA at 1.2752 acting as the next key support. A further decline below this level may erode the medium-term bullish outlook, potentially dragging the pair toward the two-month low of 1.2249, recorded on February 3.
GBP/USD: Daily Chart
