The British Pound extended its upward momentum for a third consecutive session on Wednesday, with the GBP/USD pair advancing toward 1.3430 during Asian trading hours. The pair’s sustained bullish trajectory is supported by strong technical signals, as it remains locked within an ascending channel on the daily chart.
Price action continues to hold above the nine-day Exponential Moving Average (EMA), indicating firm short-term momentum. Further reinforcing the bullish outlook, the 14-day Relative Strength Index (RSI) has climbed above the neutral 50 mark, pointing to increasing buying interest.
Key Technical Levels in Focus
Immediate resistance lies at 1.3445—the peak reached on April 28 and the highest level since February 2022. A decisive break above this barrier could catalyze further gains, with bulls potentially targeting the upper boundary of the ascending channel, located near 1.3890.
On the flip side, initial support is seen at the nine-day EMA around 1.3339. A dip below this level could trigger a pullback toward the lower edge of the ascending channel at 1.3270. Breaching this crucial zone would undermine the bullish structure and expose the pair to deeper losses toward the 50-day EMA, now positioned at 1.3147.
Should downside pressure persist, the medium-term outlook could deteriorate, paving the way for a move toward the April 7 monthly low at 1.2708, followed by the March 3 two-month low at 1.2577.
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