GBPUSD Analysis – September 20, 2023

The GBP/USD currency pair has continued its downward trajectory, extending the move from 1.2745 to reach as low as 1.2332. With the price still below the falling trend line on the 4-hour chart, a bearish outlook is maintained.

As long as the price remains below the trend line, the downside move can be expected to persist, with the next target potentially around the 1.2300 area.

A key level to watch is the resistance at 1.2445. If the price manages to break above this level, it would confirm that the downside move has concluded. In such a scenario, the next target would be the resistance at 1.2547.

Traders should closely observe the price’s behavior in relation to the falling trend line and the key resistance level. It is important to remain cautious of potential reversals or breakouts and adjust trading strategies accordingly.