GBPUSD Daily Analysis – July 28, 2023

After touching the 1.2963 resistance level, GBPUSD dropped sharply to 1.2762, breaking below the 1.2797 support level. This suggests that the pair remains in a downtrend from 1.3141. Further decline is likely to be seen in the coming days, with the next target being 1.2700 area.

However, there is also immediate resistance at 1.2840. If the price manages to break through this level, it could rebound back towards the falling trend line on the 4-hour chart.