GBP/USD Price Forecast: The bearish outlook remains in play below 1.2700

• GBP/USD remains on the defensive around 1.2675 in Friday's Asian session. 
• The negative outlook of the pair prevails below the 100-period EMA, with the bearish RSI. 
• The first upside barrier is seen at 1.2720; the first downside target is located at 1.2618. 

The GBP/USD pair edges lower to near 1.2675, the lowest level since August during the Asian trading hours on Friday. The cautious remarks from the Federal Reserve (Fed) Chair Jerome Powell on Thursday and stronger US economic data boost the US Dollar (USD) broadly and weigh on the major pair. Traders brace for the preliminary UK Gross Domestic Product (GDP) for the third quarter (Q3), which is due later in the day. 

Technically, GBP/USD maintains a bearish outlook on the daily chart, with the major pair holding below the key 100-period Exponential Moving Average (EMA). The path of least resistance is to the downside as the Relative Strength Index (RSI) is located below the midline around 33.50. 

Sustained bearish momentum could drag the major pair to the lower limit of the Bollinger Band at 1.2618. A break below this level could push prices lower toward the 1.2500 psychological level, followed by 1.2467, the low of May 8. 

On the bright side, the first key resistance level to watch if buyers step in here would be 1.2720, the high of November 14. A break above these barriers could pave the way for a test of 1.2873, the high of November 12. Any follow-through buying above the mentioned level potentially opens the door to 1.2955, the 100-period EMA.  

GBP/USD 4-hour chart