The GBP/USD pair is trying to hold on to its position after posting gains in the previous session, trading around 1.3300 during the Asian trading hours on Tuesday (06/05). Technical analysis on the daily chart suggests neutral near-term price momentum, as the pair ranges around the nine-day Exponential Moving Average (EMA).
However, the GBP/USD pair continues to trade above the 14-day Relative Strength Index (RSI) which is holding above 50, indicating the bullish bias is still in place. Further moves will offer a clear directional trend.
The GBP/USD pair faces initial resistance at the nine-day EMA of 1.3303. A successful break above this level could boost the near-term price momentum and support the pair to test the psychological level of 1.3400, followed by 1.3445, touched on April 28 and the lowest level since February 2022.
On the downside, the GBP/USD pair could find initial support at the 50-day EMA of 1.3054. A break below this level could weaken the medium-term price momentum and exert downward pressure on the pair to navigate the region around its monthly low of 1.2708, recorded on April 7. Further support emerges at the two-month low of 1.2577, recorded on March 3. (Newsmaker23)
Source: FXstreet
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