GBPUSD Daily Analysis – September 4, 2023

GBP/USD is currently approaching the support level at 1.2547. If there is a breakdown below this level, it could trigger further downside movement towards the 1.2500 area.

On the other hand, the immediate resistance level to watch is at 1.2640. A break above this level could potentially bring the price back towards the top of the price channel on the 4-hour chart.

The key resistance level that traders should monitor is located at 1.2817. Only a break above this level would indicate that the downside movement has completed. In such a scenario, the next target for resistance would be around the 1.2995 level.

Traders should closely monitor the price action in GBP/USD, paying attention to the behavior around the support level at 1.2547, the immediate resistance at 1.2640, and the key resistance level at 1.2817. This will provide valuable insights into the potential continuation or reversal of the current price movement.