GBPUSD Analysis – May 4, 2023

GBPUSD has been in a range between 1.2343 and 1.2583, with price testing the upper boundary of this range at 1.2583. A breakout above this resistance level could indicate the continuation of the uptrend and potentially lead to a move towards the 1.2700 area. However, if the pair fails to break above the 1.2583 resistance level, a retracement towards the support level at 1.2500 may occur. A further breakdown below this level could lead to a test of the lower boundary of the range at 1.2343.