GBPUSD Weekly Analysis – July 15, 2023

The GBPUSD pair has been on an impressive long-term uptrend, stretching from 1.0352 to as high as 1.3141. This sustained upward momentum signals the strength of the British pound against the US dollar and suggests that further gains could be expected in the coming weeks.

Traders should anticipate continued bullishness in the GBPUSD pair, with the next target set at 1.3750. A successful breach of this level would pave the way for a potential move towards the previous high at 1.4248. These levels highlight the potential for substantial appreciation in the exchange rate.

To the downside, the rising trend line on the weekly chart serves as a crucial support level to monitor. As long as the price remains above this trend line support, the bullish trend remains intact, bolstering the positive outlook for the GBPUSD pair. However, a break below the trend line support could suggest a shift in sentiment and potentially lead to a retracement towards the 1.1800 level.

In summary, the GBPUSD pair has demonstrated a robust long-term uptrend, with further gains anticipated in the coming weeks. The next target stands at 1.3750, followed by the previous high at 1.4248. The rising trend line on the weekly chart provides important support, while a break below this trend line could indicate a change in sentiment. Traders should stay vigilant and adjust their strategies accordingly as market conditions evolve.