​Technical Analysis: 9-day-old ascending channel keep GBPUSD buyers hopeful

GBPUSD recedes from the highest since March. However, an upward sloping trend channel from July 21 keeps the upside momentum intact. As a result, bulls targeting 1.3200 remain hopeful. Though, 1.3100 offers an immediate upside barrier to watch. It's worth mentioning that overbought RSI conditions and the early-2020 opt near 1.3210, followed by December 31, 2019 peak surrounding 1.3285, can challenge the bulls afterward.

On the contrary, the pair's downside past-1.3055 will open the gate for sellers' entry. Following that 1.3000 and June month's high of 1.2815 will be the bears' favorites. In a case where the GBPUSD prices remain weak past-1.2815, an ascending trend line from June 30, at 1.2700, will be in the spotlight.

Join us on FB and Twitter to stay updated on the latest market events.