GBP/USD Price Forecast: Slips Toward 1.3600 After Dropping Below 9-Day EMA

GBP/USD extended losses into a second consecutive session on Monday, hovering near 1.3620 during Asian trading hours. Despite the pullback, the pair remains within its broader ascending channel, keeping a mild bullish undertone intact.

The 14-day Relative Strength Index (RSI) stays slightly above the 50 level, signaling lingering bullish momentum. However, a close below the nine-day Exponential Moving Average (EMA) at 1.3645 suggests weakening short-term price action.

Key Levels to Watch

• Resistance: Immediate resistance sits at the 9-day EMA (1.3645). A breakout above this could open the door toward the July 1 high of 1.3788. Beyond that, bulls may aim for the upper boundary of the ascending channel near 1.3820.
• Support: On the downside, initial support lies at the monthly low of 1.3562. A decisive break below this could expose the 50-day EMA at 1.3468, followed by the lower channel boundary near 1.3540.

Overall, while broader trend signals remain constructive, failure to reclaim the 9-day EMA soon may tilt short-term momentum further in favor of the bears.

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