Technical analysis on GBPUSD for August 2nd, 2023.
August 2, 2023 3:25 pm
Red line -support trend line
GBPUSD is trading around 1.2690-1.27. Short-term trend is bearish after the high of 1.3139 as price is making lower lows and lower highs even in the Daily chart. Price is now challenging a key upward sloping support trend line at 1.2680-1.27 area. GBPUSD has managed to stay above this support trend line for more than 10 months. This support trend line was tested already two times and both it produced a strong bounce higher. Currently we are at the third attempt to break below this trend line. The RSI is far from oversold levels so it is possible to move even lower. This is very important support trend line so a bounce off the trend line is also possible.
The material has been provided by InstaForex Company – www.instaforex.com
Red line -support trend line
GBPUSD is trading around 1.2690-1.27. Short-term trend is bearish after the high of 1.3139 as price is making lower lows and lower highs even in the Daily chart. Price is now challenging a key upward sloping support trend line at 1.2680-1.27 area. GBPUSD has managed to stay above this support trend line for more than 10 months. This support trend line was tested already two times and both it produced a strong bounce higher. Currently we are at the third attempt to break below this trend line. The RSI is far from oversold levels so it is possible to move even lower. This is very important support trend line so a bounce off the trend line is also possible.
The material has been provided by InstaForex Company – www.instaforex.com
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