GBP/USD Price Forecast: The bearish outlook remains in play below 1.2950

• GBP/USD drifts lower to 1.2945 in Monday's early European session, down 0.11% on the day. 
• The negative view of the pair remains in play below the 100-day EMA and bearish RSI indicator. 
• The first downside target is located at 1.2870; the immediate resistance level emerges at 1.3000. 

The GBP/USD pair extends the decline to around 1.2945 during the early European session on Monday. A bullish US Dollar (USD) on the back of bets for a less aggressive easing by the Federal Reserve (Fed) drags the pair lower. In the absence of top-tier economic data released from the UK and the US, the USD price dynamics will continue to play a key role in influencing the pair. 

GBP/USD keeps the bearish vibe unchanged as the major pair holds below the key 100-period Exponential Moving Average (EMA) on the daily timeframe. The downward momentum is also supported by the Relative Strength Index (RSI), which stands below the 50-midline near 37.70, supporting the sellers in the near term. 

The lower limit of the Bollinger Band at 1.2870 acts as an initial support level for GBP/USD. A decisive break below this level could see a drop to 1.2763, the low of August 13. The additional downside filter to watch is 1.2665, the low of August 8. 

On the upside, the first upside barrier emerges at the 1.3000 psychological level. A move past the mentioned level could clear the way for a climb to the next potential bullish target at 1.3071, the high of October 18. The next hurdle is seen at 1.3185, the high of September 5. 

GBP/USD daily chart