GBPUSD Daily Analysis – July 26, 2023

GBPUSD has recently broken above the 1.2883 resistance level, suggesting that the downside move from 1.3141 has completed at 1.2797. This could lead to a further rally, with the next target being 1.2963. If the price rises above this level, it could even aim for the previous high of 1.3141.

On the other hand, there is now support at 1.2797. Only if the price were to break below this level could another fall towards 1.2680 be triggered.

Overall, while GBPUSD has broken above a key resistance level and could see further upside movement, there is also support that could prevent further decline.