FX.co ★ Technical analysis of GBP/USD for June 13, 2022

Overview :

The GBP/USD pair continues moving downwards from the level of 1.2238 this morning. Today, the first resistance level is currently seen at 1.2129, the price is moving in a bearish channel now. According to the previous events, we expect the GBP/USD pair to trade between 1.2238 and 1.2040. So, the support stands at the level of 1.2040, while daily resistance is found at 1.2238. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.2238. In other words, sell orders are recommended below the spot of 1.2238 with the first target at the level of 1.2040 and continue towards 1.1975 in order to test the weekly support 1 on the H1 chart. If the GBP/USD pair fails to break through the resistance level of 1.2238, the market will decline further to 1.1975.

This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.1911 in order to test the second support (1.1911). On the other hand, if the GBP/USD pair fails to break through the weekly pivot point level of 1.2320 today, the market will move upwards continuing the development of the bullish trend to the level 1.2448 (double top).