FX.co ★ Technical analysis of GBP/USD for June 14, 2022

Overview :

The GBP/USD pair continues to move downwards from the level of 1.2178. Yesterday, the pair dropped from the level of 1.2178 (this level of 1.2178 coincides with the double top - 23.6% of Fibonacci) to the bottom around 1.2061.

Today, the first resistance level is seen at 1.2178 followed by 1.2250 (the weekly pivot point), while daily support 1 is found at 1.2000.

Also, the level of 1.2250 represents a weekly pivot point for that it is acting as major resistance/support this week.

On the H1 chart. the level of 1.2250 coincides with 38.2% of Fibonacci, which is expected to act as minor support today. Since the trend is below the 38.2% Fibonacci level, the market is still in an downtrend.

Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2250 towards the first support level at 1.2000 in order to test it.

If the pair succeeds to pass through the level of 1.2000, the market will indicate a bearish opportunity below the level of 1.2000 so as to continue towards the next objective of 1.1930.

However, if a breakout happens at the resistance level of 1.2250, then this scenario may be invalidated.