FX.co ★ Technical Analysis of GBP/USD for June 23, 2023

Technical Market Outlook:

The GBP/USD pair has been rejected from the swing high located at 1.2846 and is currently heading towards the technical support located at the level of 1.2698. The 50 MA will provide the dynamic resistance for bulls around the level of 1.2790 as well. The intraday technical support is seen at the level of 1.2738 and 1.2690. The weak and negative momentum on the H4 time frame chart support short-term bearish outlook for GBP. The pull-back might evolve into a full-blown correction if the level of 1.2690 is broken.

Weekly Pivot Points:

WR3 - 1.28745

WR2 - 1.28480

WR1 - 1.28330

Weekly Pivot - 1.28215

WS1 - 1.28065

WS2 - 1.27950

WS3 - 1.27685

Trading Outlook:

The 61% Fibonacci retracement located at the level of 1.2778 has been hit, but it does not indicate the corrective cycle to the upside had been terminated. Any sustained breakout above this level and a weekly candle close above it is needed to change the long-term outlook to bullish. The key long term level of technical support is seen at 1.2444. The next long-term target for bulls is seen at the level of 1.3160.