GBP/USD Price Forecast: Tests nine-day EMA support near 1.3400

GBP/USD remains weaker for the fourth consecutive day, trading around 1.3430 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the pair remains within the ascending channel.

The GBP/USD pair is holding a constructive bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of shorter and longer EMAs below price suggests an underpinning uptrend, while the 14-day Relative Strength Index (RSI) at roughly 55 points to steady, rather than overstretched, positive momentum.

The GBP/USD pair may rise toward the upper boundary of the ascending channel around 1.3630, followed by the five-month high of 1.3658, reached on May 1. A break above this level would expose 1.3869, the highest level since September 2021, reached on January 27.

On the downside, the GBP/USD pair is testing the immediate support at the nine-day EMA of 1.3426, aligned with the lower boundary of the ascending channel. Further support lies at the 50-day EMA at 1.3386. A successful break below the medium-term average would expose nearly an eight-month low of 1.3140, recorded on June 24.