GBP/USD Price Forecast: Downward-sloping trendline near 1.3470 remains key barrier

The British pound (GBP) is under pressure against major currencies, trading 0.1% lower at approximately 1.3420 against the US Dollar (USD) during Tuesday's European trading session. Rabobank analysts note that "GBP net shorts bounced higher last week ahead of the BoE policy meeting," indicating renewed speculative pressure on the Pound.

The BoE's dovish tone from Governor Bailey, with little support for the Pound, has contributed to the selling pressure. The US Dollar's strength, as evidenced by the US Dollar Index (DXY) nearing 100.05, also plays a role in GBP's decline. The USD Index rebounded after hitting a two-week high earlier in the week. Investors are focusing on upcoming US economic releases, such as the Nonfarm Payrolls (NFP) data for July on Friday and the JOLTS Job Openings data for June, to gauge the Federal Reserve's (Fed) monetary policy stance.

The GBP/USD pair remains slightly lower at around 1.3423 but is holding above the 20-day exponential moving average (EMA) at 1.3389, displaying a mildly bullish near-term bias. Key resistance on the upside is near the trend-line break area at 1.3473, just above the psychological level of 1.3500. If the price breaks below the 20-day EMA at 1.3389, the bullish tone could be weakened, potentially exposing the pair to the July 28 low of 1.3274.