FX.co ★ Technical analysis on GBPUSD for June 8th, 2023.

Black line- support trend line

Blue lines- expected equal size advance

Green lines- Fibonacci extension targets

Following our previous analysis on GBPUSD, we see price break above the recent highs confirming our bullish expectations. As we noted in our previous analysis as long as price is above the black support trend line we remain bullish. GBPUSD is in a positive momentum close to providing new higher highs. Our target at 1.26 remains intact and we continue to expect price to move towards that direction. The RSI is still not in overbought territory and keeps its bullish momentum.