GBPUSD Daily Analysis – August 25, 2023

GBPUSD has breached the critical 1.2615 support level, continuing its descent from the 1.3141 peak and reaching as low as 1.2560.

There remains the potential for further downward movement in the days ahead, with the next focal point residing around the 1.2500 region.

In the immediate term, we encounter resistance at 1.2650. Should this barrier be overcome, it may incite another ascent, possibly testing the crucial 1.2817 resistance. Only a decisive breakthrough above this level would suggest the culmination of the downtrend that originated from 1.3141.