FX.co ★ Technical analysis on GBPUSD for August 4th, 2023.

Red line- support trend line

GBPUSD is trading around 1.2778. Despite yesterday's brief decline below the medium-term upward sloping red support trend line, price so far seems to respect the trend line. Today price is bouncing off this red support trend line confirming the importance of this support trend line. The red support trend line is today at 1.2707 and as long as we close above this level, bulls have the upper hand and a new upward move could start from current levels. A break below 1.27 would be a sign of weakness and more downside should be expected.