GBPUSD Daily Analysis – August 9, 2023

GBPUSD has been trading sideways within a range between 1.2619 and 1.2791.

As long as the price remains below the falling trend line on the 4-hour chart, the sideways movement could be considered as consolidation within the ongoing downtrend from 1.3141. In this scenario, another potential fall to test the 1.2590 support level is still possible after the consolidation. A breakdown below this level could potentially trigger a further downside move towards the 1.2500 area.

The immediate resistance level to watch is now at 1.2791. A break above this level could lead the price towards the falling trend line. It is important to note that only a decisive breakout above the resistance would signify a potential completion of the downtrend.

Traders should closely monitor the price action and the behavior around the falling trend line, support, and resistance levels mentioned for potential breakout or reversal signals.

To summarize, the analysis suggests that GBPUSD is currently consolidating within the downtrend. Monitoring the price’s behavior around the trend line and key levels will be essential in assessing further directional moves. Traders should remain cautious and adapt their strategies accordingly.