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01.09.2023 05:56 PM
Technical analysis on GBPUSD for September 1st, 2023.

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Black line- resistance trend line

Red line- support trend line

Green lines- Fibonacci extension targets

GBPUSD is trading around 1.2595. As we explained in a previous analysis, GBPUSD has formed a head and shoulders pattern. Price is challenging the neckline support once again, after forming another lower high around 1.2745. A break below 1.26-1.2590 would be a new sign of weakness and will most probably push price even lower towards the 161.8% Fibonacci retracement level 1.2460. As long as price holds below 1.2725 we remain bearish.

Summary
Urgency
Analytic
Alexandros Yfantis
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