GBPUSD Daily Analysis – July 12, 2023

The GBPUSD currency pair has experienced a noteworthy upward movement, extending its gains from 1.2590 to a recent high of 1.2968. This surge in value has sparked speculation among traders and analysts regarding the potential for further upside in the days ahead. With the next target set at the 1.3100 area, the pound sterling appears poised to continue its upward trajectory.

Looking ahead, there is a general consensus among analysts that GBPUSD could continue to rise in the near term. The next target of 1.3100 represents a significant psychological level and could attract further buying interest. If the pair manages to break through this resistance level, it would signal a continuation of the bullish trend and open the door for additional upside potential.

However, it is important to note that the currency pair is not immune to potential setbacks. Immediate support is currently situated at 1.2920, and a breakdown below this level could lead to a retracement towards the key support level of 1.2800. Such a pullback would not be unexpected, as markets often experience corrections after significant rallies. Traders should closely monitor these support levels to gauge the strength of the ongoing uptrend.

In conclusion, GBPUSD has demonstrated strong upside momentum, reaching a recent high of 1.2968. The currency pair has the potential to continue its upward move, with the next target set at 1.3100. However, traders should be mindful of immediate support levels at 1.2920 and the key support at 1.2800. Monitoring economic and geopolitical developments will be crucial in assessing the sustainability of the current bullish trend.