• GBPUSD remains in ascending channel
• Stochastic and RSI in neutral-to-negative momentum

GBPUSD has been in a bearish corrective mode during the last three weeks, diving beneath the 20- and 50-day simple moving averages (SMAs).

Entering the 1.3000 area has been a struggle over the past five days, and there might be another tough obstacle near the medium-term uptrend line at 1.2950 with the technical indicators showing some neutral-to-bearish signs. The stochastic is flattening, while the RSI is heading south below the 50-mid point.

In the event the pair reactivates its uptrend above the 50-day SMA at 1.3120, the next target will be the 1.3235 resistance. Even higher, the bulls might head for the two-and-a-half-year high of 1.3433.

On the downside, a drop beneath the uptrend line could open the way for the 200-day SMA at 1.2790 and the 1.2610-1.2670 support region, shifting the outlook to neutral.

Overall, GBPUSD is sustaining an upward trend above 1.3650-1.3670 in the four-month picture. To attract new buyers, the pair will need to pierce through the 1.3860 bar.