GBPUSD Daily Analysis – July 11, 2023

The GBPUSD currency pair has made a decisive breakthrough above the significant resistance level at 1.2847, suggesting the potential for further upside movement in the coming days. This bullish development indicates that buyers have gained control and are pushing the pair towards higher levels.

Traders should anticipate a continuation of the upward momentum, with the next target around the 1.2950 area. A successful break above this level could open the door for additional gains, potentially extending the uptrend.

Immediate support is now established at 1.2749, serving as a key level to monitor. As long as the price remains above this support, the bullish outlook remains intact. Additionally, the rising trend line on the 4-hour chart provides additional support and is an important indicator to consider. A break below this trend line could potentially signal the completion of the current uptrend from 1.2590, warranting caution for further upward moves.

To summarize, GBPUSD has broken above the resistance level at 1.2847, indicating the potential for further upside movement. The next target is around the 1.2950 area. Traders should pay attention to the immediate support at 1.2749 and the rising trend line on the 4-hour chart. A break below these levels could suggest a shift in sentiment. Staying informed and adapting strategies to changing market conditions is key to successful trading.