FX.co ★ August 9, 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.

Two weeks ago, the GBP/USD pair has shown signs of bearish rejection just below 1.3200, initiating the current bearish movement.

After bearish closure below the price level of 1.2800 on a H4 candlestick, it continued to fall toward 1.2500 where the depicted uptrend line comes to meet a significant Fibonacci Level for another bullish entry.

On the other hand, if the pair manages to break and persist below 1.2500, further bearish decline should be expected at least towards 1.2400.