GBPUSD Daily Analysis – August 24, 2023

GBPUSD has faced difficulty in surpassing the 1.2817 resistance level and has instead entered a period of consolidation, trading within a defined range between 1.2615 and 1.2817.

As long as the 1.2817 resistance level remains unbroken, it suggests that the downside momentum is likely to resume following the consolidation phase. In this scenario, the next target for the pair would be around the 1.2500 area. Traders should closely monitor the price action around the 1.2817 resistance level for any indications of a potential continuation of the downward move.

Conversely, if GBPUSD manages to break above the 1.2817 resistance level, it would confirm that the previous downside move has concluded. In such a case, the next target for the pair would be around the 1.3000 area.

It is important for market participants to closely observe the price action and monitor any developments that may hint at either a resumption of the downward trend or a potential breakout towards higher levels in the GBPUSD exchange rate.