GBP/USD Price Forecast: Hovers below 1.2700 barrier near three-month highs

• GBP/USD could target the immediate barier  at the three-month high of 1.2724.
• The 14-day RSI stays above 50, signaling sustained bullish momentum.
• The primary support appears at the nine-day EMA of 1.2639.

The GBP/USD pair edges lower after registering gains in the previous session, hovering around 1.2680 during Tuesday's Asian hours. Technical analysis of the daily chart suggests a continued bullish bias, with the pair maintaining its position within an ascending channel pattern.

The 14-day Relative Strength Index (RSI) remains above 50, indicating strengthened bullish momentum. Moreover, the GBP/USD pair continues to trade above the nine- and 14-day Exponential Moving Averages (EMAs), reinforcing strong short-term price dynamics and confirming the ongoing upward trend.

The GBP/USD pair may challenge immediate resistance at the three-month high of 1.2724, reached on March 3, followed by the ascending channel's upper boundary near 1.2780. A decisive breakout above this level could reinforce the bullish outlook, potentially driving the pair toward the psychological resistance at 1.2800.

On the downside, the GBP/USD pair is likely to find initial support at the nine-day EMA of 1.2639, followed by the 14-day EMA at 1.2613. A break below these levels could weaken short-term price momentum, potentially driving the pair toward the ascending channel's lower boundary near 1.2560.

A decisive break below the channel could weaken the bullish bias, potentially exposing the pair to the three-month low of 1.2249, last seen on February 3.

GBP/USD: Daily Chart