FX.co ★ GBP/USD update for June 23, 2022 - Breakout of the rising channel

Technical analysis:

GBP/USD has been trading downside as I expected. There is the breakout of the mini upside channel in the background, which is sign for further downside movement.

Trading Recommendation:

Due to the breakout of the upside channel in the background and strong downside momentum, I see potential for further downside movement.

Watch for selling opportunities on the intraday rallies with the downside objectivesat 1.2054 and 1.1955..

Stochastic oscillator is showing fresh bear cross, which is another confirmation for the downside movement.

Key resistance is set at 1.2315