GBPUSD Daily Analysis – August 29, 2023

GBPUSD continues to exhibit a downtrend originating from 1.3141. The pair remains bearish, and the downward move is anticipated to persist as long as the resistance level at 1.2817 remains intact. The next target for GBPUSD lies around the 1.2500 area.

At present, there is an immediate resistance level at 1.2655. If this level is breached, it could initiate a temporary upward movement, potentially leading to a retest of the key resistance level at 1.2817. However, it is worth noting that only a definitive breakthrough above 1.2817 would indicate the completion of the downtrend.

Traders should closely monitor price action and the behavior of GBPUSD at these critical levels to ascertain the continuation or potential reversal of the current trend.