FX.co ★ Technical Analysis of GBP/USD for June 29, 2022

Technical Market Outlook:

The GBP/USD pair has been rejected from the main channel lower line as the bulls failed to rally back inside the main channel. The bulls managed to hit the level of 1.2323 and then the Bearish Engulfing candlestick pattern occurred and plenty of Pin Bars as well, so the bulls are still under the pressure. Currently, the market is approaching the key short-term technical support seen at the level of 1.2165 - 1.2155. 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, but for now bulls can not even get back to the main channel.

Weekly Pivot Points:

WR3 - 1.2507

WR2 - 1.2415

WR1 - 1.2351

Weekly Pivot - 1.2242

WS1 - 1.2181

WS2 - 1.2088

WS3 - 1.2017

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 after a big Pin Bar candlestick pattern was made last week. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.