GBPUSD Analysis – May 8, 2023

GBP/USD has continued its upward momentum as it stays above a rising trend line on the 4-hour chart. The pair remains in an uptrend from the low of 1.1802 set on March 8th.

Traders are watching for a potential further rise in the coming days, with the next target at the 1.2800 area. However, the price action may encounter some resistance along the way.

Near term support for the pair is at 1.2540, a break below which could bring the price back towards the trend line. A breakdown below the trend line support would suggest that consolidation for the uptrend is needed before the price can move higher.

Overall, the bullish outlook for GBP/USD remains intact as long as it stays above the trend line support. However, traders should remain vigilant for any signs of a reversal or potential pullback in the short term.