The GBP/USD currency pair remained subdued for the third consecutive day, trading around the 1.3500 level during Asian hours on Thursday [1]. Technical analysis indicates a potential bearish reversal as the pair has moved below its ascending channel pattern, though it maintains a constructive bullish bias by staying marginally above the nine-period Exponential Moving Average (EMA) at 1.3493 and comfortably above the 50-period EMA at 1.3427 [1]. The alignment of short- and medium-term EMAs below the spot price suggests underlying demand for the pair [1].
The 14-day Relative Strength Index (RSI) is around 56, indicating positive but not overstretched momentum, which allows room for further upside as long as the pair remains supported on dips [1]. Should GBP/USD return to the ascending channel, it could test the initial resistance at the two-month high of 1.3599, recorded on April 17, with further advances potentially targeting the upper boundary of the channel near 1.3810 and, if broken, the 1.3869 level, the highest since September 2021, reached on January 27 [1].
On the downside, GBP/USD is currently testing immediate support at the nine-day EMA of 1.3493, followed by the 50-day EMA at 1.3427. A sustained break below these averages would expose the nearly five-month low of 1.3159, recorded on March 31, and then the 1.3010 level, the lowest since April 2025, which was recorded in November 2025 [1].
According to the latest currency heat map, the British Pound was the weakest against the US Dollar today, with GBP/USD showing a percentage change of -0.11% [1]. This suggests a modest negative sentiment for the Pound relative to the Dollar in the current session.
CONCLUSION
GBP/USD is trading near key technical support levels after slipping below 1.3500, with the Pound showing relative weakness against the US Dollar. While technical indicators suggest underlying demand and potential for upside, a break below current support could lead to further declines. Market participants should watch for sustained moves below the EMAs or a return to the ascending channel for directional cues.