FX.co ★ Technical Analysis of GBP/USD for June 17, 2022

Technical Market Outlook:

The GBP/USD pair has been seen rallying towards the technical resistance located at the level of 1.2468 after the main channel lower line had been violated. The bulls are temporary in change of the market, the conditions are now bouncing away from the extremely oversold conditions and the momentum is strong and positive. The nearest technical support is seen at the level of 1.2339 and 1.2207. Nevertheless, the supply zone located between the levels of 1.2618 - 1.2697 is still the main obstacle for bulls that needs to be broken if the rally is expected to be continued.

Weekly Pivot Points:

WR3 - 1.2751

WR2 - 1.2671

WR1 - 1.2451

Weekly Pivot - 1.2374

WS1 - 1.2159

WS2 - 1.2081

WS3 - 1.1851

Trading Outlook:

The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle, which is welcome after eight weeks of the down move. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.