GBPUSD Daily Analysis – June 8, 2023

The GBPUSD currency pair has been experiencing a short-term downtrend since its peak at 1.2544. The recent bounce from 1.2367 can be seen as a consolidation phase within this downward movement.

Traders should be aware that further decline could be expected in the coming days if the pair fails to break above key resistance levels. A breakdown below the support level at 1.2367 would signal a continuation of the downtrend and could trigger another leg down towards the next support level at 1.2307. If this level is breached, the pair may aim for the 1.2200 area, attracting additional bearish sentiment.

On the upside, resistance is currently observed at 1.2544. A decisive breakout above this level would indicate that the downside movement from 1.2679 has likely completed at 1.2307, suggesting a potential reversal in the trend. Should this occur, the next target for GBPUSD would be the previous high at 1.2679.

In summary, GBPUSD remains in a short-term downtrend from 1.2544, with the recent bounce from 1.2367 likely indicating a consolidation phase. Traders should watch for a potential breakdown below 1.2367, which would signal a continuation of the downtrend and potentially push the pair towards 1.2307 and 1.2200. A break above 1.2544, on the other hand, would suggest a possible trend reversal and open the door for a move towards 1.2679. Stay informed about market developments and employ effective risk management strategies to navigate the GBPUSD market successfully.