FX.co ★ July 31, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

Currently, the GBP/USD pair has been approaching the price level of 1.3200, with a mixed market sentiment until lack of bullish momentum was witnessed.

Recently, The GBP/USD pair managed to climb above 1.2600 and tried to advance toward 1.2900 and the next target around 1.3100, but it did not have enough bullish momentum to maintain it.

Moreover, a short-term bearish pullback was executed towards 1.2600 where significant bullish rejection emerged.

That's why, the previous bullish visit was expected to pursue toward1 1.3300 if sufficient bullish momentum is maintained.

By the end of last week, the GBP/USD pair has shown signs of bearish rejection just below 1.3200, initiating the current bearish movement.

If the pair closes below the price level of 1.2800 on a H4 candlestick, it may continue to fall toward 1.2500 where the depicted uptrend line comes to meet a significant Fibonacci Level for another bullish entry.