FX.co ★ Technical analysis on GBPUSD for September 7th, 2023.

Black line- resistance

Blue lines- support

GBPUSD is breaking down. Price is now trading around 1.2460. Short-term trend remains bearish as price continues making lower lows and lower highs. With the break of the two horizontal support trend lines we got a new bearish signal. Price continues to form lower highs below the black resistance trend line. Previous support that got broken at 1.2550-1.2580 is now important resistance. For bulls to manage to reclaim the trend, they will need first to push the pair above this area. Trend changes to bullish on a break above the black trend line.