FX.co ★ GBP/USD analysis for June 05, 2023 - Fibonacci 61.8% support on the test..,...

Technical analysis:

GBP/USD has been trading downside on Friday and today but I see potential for the upside movement due ot the test of important support area.

Due to the mid and long term upside trend and the oversold condition, I see potential for the upside movement towards the previous swing high.

Upside objective is set at the price of 1.2537

Stochastic oscillator is showing oversold condition, which is good sign for the further upside movement.

Key support cluster is set at 1.2400