FX.co ★ GBP/USD analysis for June 27, 2023 - Potential completion of the upside correction

Technical analysis:

GBP/USD has been trading upside this morning but I found rejection of the previous day high at the price of 1.2750. I see potential for the further downside movement.

Due to the potential completion of the upside correction ABC and rejection of the previous day high, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.2690

MACD oscillator is showing decreasing in the upside momentum, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2750