FX.co ★ Trading plan for GBP/USD for June 13, 2022

Technical outlook:

GBP/USD dropped to 1.2260-70 in the early Asian session on Monday before finding support again. The pair hit the projected target at 1.2350 and exceeded by over 100 pips. It is seen to be trading close to 1.2300 at this point in writing. It is expected to rise higher.

GBP/USD declined to the Fibonacci 0.786 retracement of its recent upswing between 1.2150 and 1.2665, which is passing through 1.2260. A bullish bounce to this level remains a high probability. The projected targets are 1.3000 and 1.3300. Prices are expected to hold above the support level of 1.2150.

GBP/USD seems to have completed its larger degree corrective drop between 1.4250 and 1.2150 on the daily chart. The correction unfolded as a zigzag and found support around the Fibonacci 0.618 retracement of the earlier upswing between 1.1400 and 1.4250 respectively. Watch out for a bullish reversal from the current levels soon.

Trading plan:

Potential rally through 1.3000 against 1.2100

Good luck!