FX.co ★ Technical analysis on GBPUSD for June 12th, 2023.

Black line- support trend line

Blue lines- expected equal size advance

Green lines- Fibonacci extension targets

In our analysis on GBPUSD on June 8th we noted that price was breaking upwards and our next upside target was the 100% Fibonacci extension target at 1.26. Today price made a high at 1.2597 only 3 pips away from our target. Price is now pulling back towards 1.2550-1.2515. The 1.26 level was our target and important resistance level. Price got rejected and is pulling back. Bulls want to see price form a higher low and resume the up trend. Key support is at the black upward sloping support trend line. Bulls need to defend it.