GBPUSD Daily Analysis – June 21, 2023

The GBPUSD currency pair has exhibited a resilient uptrend, remaining within a rising price channel on the 4-hour chart. The pair’s upward movement from 1.2307 has been notable, with a recent pullback observed from the high of 1.2847. This pullback is considered a period of consolidation within the broader uptrend.

As long as the channel support holds, the uptrend in GBPUSD is expected to resume. Traders will closely monitor for a potential breakout above the 1.2847 resistance level, which could serve as a catalyst for another upward push towards the psychological level of 1.3000. A successful breach of this resistance would validate the strength of the ongoing uptrend and potentially attract further buying interest.

Conversely, a breakdown below the lower boundary of the rising price channel would suggest a possible completion of the upside move at 1.2847. In such a scenario, the pair may find support around the 1.2600 level, followed by a secondary support zone near 1.2500. These levels should be closely monitored as potential areas where buyers may re-emerge, seeking to stabilize the pair and potentially reignite the uptrend.

Traders should pay attention to the significance of technical levels and trend lines in guiding their trading decisions. The rising price channel acts as a crucial support level, confirming the overall bullish bias as long as it remains intact. It is important to await confirmation through a breakout or breakdown before considering entry or exit positions.

In conclusion, GBPUSD remains within a rising price channel on the 4-hour chart, sustaining its uptrend from 1.2307. The pullback from 1.2847 is viewed as a consolidation phase within the broader uptrend. A breakout above 1.2847 would indicate a potential resumption of the uptrend, with the next target at 1.3000. However, a breakdown below the channel support would suggest a possible completion of the upside move. In such a case, support levels to monitor are around 1.2600 and 1.2500. Traders are advised to conduct comprehensive analyses, considering both technical and fundamental factors, to make informed trading decisions.