The GBP/USD pair is trading slightly higher for the second consecutive session, hovering near 1.3420 during Monday’s Asian session. However, the overall outlook remains bearish, with technical indicators on the daily chart showing the pair still confined within a descending channel.
The 14-day Relative Strength Index (RSI) remains below the neutral 50 mark, reinforcing the ongoing bearish bias. Additionally, the pair continues to trade under the nine-day Exponential Moving Average (EMA), pointing to weakening short-term momentum.
On the downside, immediate support lies at the recent two-month low of 1.3365. A decisive break below this level could intensify selling pressure, potentially pushing the pair toward the psychological 1.3300 zone, which aligns with the lower boundary of the descending channel.
To the upside, the pair faces resistance around the upper edge of the channel, near the nine-day EMA at 1.3460. This is followed by the 50-day EMA at 1.3465. A sustained move above this key resistance zone could shift momentum in favor of the bulls, opening the door toward the July 1 high at 1.3788 — the strongest level seen since October 2021.
