FX.co - GBP/USD analysis for June 29, 2023 - Breakout of the rising trendline and potential for the further drop

2023-06-29T08:03:32

Relevance until2023-06-30

Technical analysis:

GBP/USD analysis for June 29, 2023 - Breakout of the rising trendline and potential for the further drop

GBP/USD has been trading downside yesterday and I found breakout of the rising trend-line, which is good sign for the further downside movement.

Due to the breakout of the rising trend-line and strong downside momentum, I see potential for the further drop after the upside correction.

Downside objective is set at the price of 1.2500

MACD oscillator is showing strong downside reading, which is good confirmation for the further downside movement.

Short-term resistance is set at the price of 1.2690

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD analysis for June 29, 2023 - Breakout of the rising trendline and potential for the further drop