GBPUSD Analysis – May 3, 2023

The GBPUSD pair has been trading sideways in a range between 1.2343 and 1.2583 in recent sessions. This suggests a lack of clear direction in the market as both buyers and sellers struggle for control.

If the current trend continues, a deeper decline to test the support level at 1.2343 could still be possible. A break below this level would aim for the 1.2200 area. On the other hand, a break above the resistance level at 1.2583 could signal a resumption of the uptrend, with the next target being at 1.2700.