GBPUSD Analysis – May 2, 2023

The GBPUSD pair has been moving in a range-bound manner between 1.2343 and 1.2583, indicating indecision in the market. However, the sideways movement is expected to continue for the time being.

If the price breaks above the resistance at 1.2583, it could signal a resumption of the uptrend and the pair could then move towards the next target at 1.2700.

On the other hand, if the support at 1.2343 is broken, it could bring the price down towards the 1.2200 zone. Traders should keep an eye on these key levels to determine the direction of the GBPUSD pair.