GBP/USD Price Forecast: Positions above 1.3550, nine-day EMA support

GBP/USD has demonstrated a bullish trend over the past four days, trading around 1.3550 during European hours on Thursday. The pair is supported by the nine- and 50-day Exponential Moving Averages (EMAs), indicating a constructive trend. The 14-day Relative Strength Index (RSI) is near 54, signaling mild positive momentum without being overbought.

The FXS Fed Sentiment Index remains hawkish, further reinforcing the bullish sentiment. The pair may target the seven-month high of 1.3675, located around August 21. Should it break above this level, the upper boundary of the ascending channel could be around 1.3750. Conversely, immediate support is expected at the nine-day EMA at 1.3542, followed by the lower boundary of the ascending channel at 1.3520 and the 50-day EMA at 1.3492.

A sustained break below this support zone could lead to a bearish reversal, potentially taking GBP/USD to the nine-month low of 1.3140, recorded on June 24.

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