empty
 
 
22.06.2023 11:02 PM
Technical analysis on GBPUSD for June 22nd, 2023.

This image is no longer relevant

Blue line- resistance (broken)

Black line- support trend line

GBPUSD recently broke above the long-term horizontal resistance at 1.2660. Short-term trend remains bullish as price continues making higher highs and higher lows. GBPUSD today made a new higher high relative to the previous three trading sessions but bulls were not strong enough to remain near the weekly highs. GBPUSD is very likely to pull back towards the blue horizontal level which is now support but was once resistance. The RSI reached overbought levels in the daily chart and is turning lower. A back test at the 1.2660 is justified and wanted by bulls in order to confirm the break out. Bulls do not want to see price fall below the blue horizontal line again. They need to defend it. At 1.2460 we find the medium-term support trend line providing key support also.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $3000 more!
    In September we raffle $3000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback