FX.co ★ Technical analysis on GBPUSD for February 2nd, 2023.

Green line- horizontal resistance

Blue line- support trend line

GBPUSD is trading around 1.2317. In contrast to EUR that is making new highs for 2023 against the Dollar, the British Pound remains weak below the double top formation at 1.2444. Price remains vulnerable to a move towards the blue upward sloping support trend line at 1.2160. A break above 1.2444 will open the way for a move towards 1.26 and 1.30. A break below 1.2160 will open the way for a move towards 1.19-1.18 support area. Concluding, GBPUSD is trading just below key resistance area. Price remains vulnerable to a pull back.