• GBPUSD loses momentum near the critical 2023 bar of 1.3141

• Bulls could seize another opportunity before bears take control

GBPUSD has been making strong efforts to hold within the tight bullish channel over the past couple of hours following a speedy run towards the July 2023 top of 1.3141.

A bearish breakout could be possible in the short-term as the RSI and the MACD take a negative turn. However, given the positive slope in the stochastic oscillator, the pair may try again to break through the resistance at 1.3141. On the way higher, the pair could encounter resistance within the trendline territory of 1.3188-1.3225 before rallying towards the 1.3300 psychological number.

In the opposite case that price slips out of the channel, the 20-period SMA could provide some stability within the 1.3070-1.3080 region. If not, the sell-off could stretch towards the 1.3010-1.3030 zone, while a deeper decline could meet the tentative support trendline drawn from August’s lows and the 50-day SMA at 1.2960.

Summing up, GBPUSD is trading near the critical 1.3141 barrier, which caused a dramatic downturn back in July 2023. While a pullback may not be surprising, the bulls might have another chance to print a new higher high above 1.3141.