GBP/USD Price Forecast: Rises to near 1.3450, eyes nine-day EMA barrier

• GBP/USD may find its initial support at the monthly low at 1.3333.
• The 14-day RSI remains below 50, supporting the ongoing bearish bias.
• The primary barrier appears at the nine-day EMA of 1.3463.

GBP/USD gains ground for the second consecutive session, trading around 1.3440 during the Asian hours on Monday. The short-term price momentum is weaker as the daily chart's technical analysis shows that the pair remains below the nine-day Exponential Moving Average (EMA).

Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 level, indicating a bearish bias is active.

The GBP/USD pair is testing its primary support at the monthly low at 1.3333, recorded on September 3. A break below this level would strengthen the bearish bias and put downward pressure on the pair to navigate the region around the five-month low of 1.3141, which was reached on May 12.

On the upside, the GBP/USD pair may target the initial barrier at the nine-day EMA of 1.3463, followed by the 50-day EMA at 1.3482.

A break above the 50-day EMA would improve the short- and medium-term price momentum and support the pair to explore the region around the two-month high of 1.3726, reached on September 17, followed by the 1.3788, the highest since October 2021, which was recorded on July 1.

GBP/USD: Daily Chart