GBP/USD Price Forecast: Rises toward highs since February 2022 near 1.3450

• GBP/USD faces an immediate barrier at 1.3445, the highest level since February 2022.
• The 14-day Relative Strength Index (RSI) rises above 50, strengthening a bullish bias.
• The initial support appears at the nine-day EMA of 1.3339.

The GBP/USD pair extends its winning streak for the third successive session, trading around 1.3430 during Wednesday's Asian hours. The technical analysis of the daily chart suggests a persistent bullish bias as the pair remains within an ascending channel pattern.

However, the GBP/USD pair continues to rise above the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) is rising above 50, reinforcing a bullish bias.

The GBP/USD pair encounters immediate resistance at 1.3445, reached on April 28, and the highest level since February 2022. A break above this level could improve the market sentiment and support the pair to explore the region around the upper boundary of the ascending channel at 1.3890.

On the downside, the GBP/USD pair may target the primary support at the nine-day EMA of 1.3339, followed by the ascending channel's lower boundary at 1.3270. A successful break below this crucial support zone could weaken the bullish bias and put downward pressure on the pair to test the 50-day EMA at 1.3147.

Further depreciation would lead the medium-term price momentum to weaken and put downward pressure on the pair to navigate the region around its monthly low at 1.2708, recorded on April 7. Further support appears at the two-month low of 1.2577, recorded on March 3.

GBP/USD: Daily Chart