GBPUSD Weekly Analysis – July 29, 2023

GBPUSD has been staying above a rising trend line on the weekly chart, indicating that the pair remains in a long-term uptrend from 1.0352. As long as the trend line support holds, the pullback from 1.3141 could be seen as a consolidation for the uptrend, and another rise towards 1.3750 could be expected after the consolidation.

On the other hand, if the price were to break down below the trend line support, it would indicate that the upside move has already completed at 1.3141 and the pair could find support at 1.2307, followed by 1.1802.

Overall, while GBPUSD remains in an uptrend above the rising trend line, there is also the possibility of a breakdown below the trend line support that could see the price fall.