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GBP/USD stays below key moving averages near 1.34

The pair is holding around 1.3370 despite a neutral RSI, while support is cited near the eight-month low at 1.3140.

Reported · Written up by our desk · Major Pairs

GBP/USD remained steady after four straight days of losses, trading around 1.3370 during European hours on Wednesday, according to FXStreet. The analysis points to a mildly bearish near-term bias because spot is capped below the 50-day and nine-day exponential moving averages.

The daily chart view suggests the pair has broken below the lower boundary of an ascending channel, with the 14-day RSI at 49.56 hovering near neutral. FXStreet said this setup signals consolidation risk rather than a clear directional move right away.

On the downside, the next support level is identified at the eight-month low of 1.3140, recorded on June 24. On the upside, FXStreet cited the 50-day EMA at 1.3383 and the nine-day EMA at 1.3406 as immediate barriers.

If GBP/USD rebounds above the moving averages, the analysis expects attention to shift to the region around the upper boundary of the ascending channel near 1.3640, then the five-month high at 1.3658. A further break above that area would open the way to 1.3869, the highest level since September 2021, reached on January 27.

Latest closeGBP/USD 1.322 ▼0.9%

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