Daily Analysis GBPUSD - 1 Aug 2023

The US Dollar has strengthened due to prospects of tighter policies by the Federal Reserve, supported by a strong US GDP report. Worries about a downturn in China also contribute to the USD's safe-haven appeal. However, optimism over more Chinese stimulus and expectations of the Fed ending its rate hike cycle might cap the USD's gains. On the other hand, expectations of more interest rate hikes by the Bank of England could support the British Pound. Market participants are also looking at upcoming economic data and key policy meetings for further trading opportunities.

The GBP/USD moved without direction at the beginning of this week. The next support is around the down parallel of the long bullish trend at the 1.2750 level. The resistance level is at 1.2900.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.3220	1.3150	1.3000	1.2800	1.2750	1.2650