GBPUSD Daily Analysis – June 23, 2023

The GBPUSD currency pair has experienced a significant development as it broke below the key support level at 1.2690. This break suggests that the previous upside move from 1.2307 has likely reached its completion at 1.2847. Traders should be prepared for a potential deeper decline in the pair.

Looking ahead, the next target for GBPUSD is projected to be around the 1.2610 level. This level serves as an important support area where buyers may step in to provide some temporary relief for the pair. Should the downward pressure persist, the next significant support can be found at 1.2500.

On the upside, immediate resistance is located at 1.2785. For a reversal of the current bearish sentiment and a potential resumption of the uptrend, a break above this resistance level would be required. Such a move could trigger another rise towards the psychological level of 1.3000.

To summarize, the GBPUSD pair has broken below the key support level, suggesting that the previous upside move has likely completed. Traders should anticipate a potential deeper decline with targets at 1.2610 and 1.2500. Immediate resistance lies at 1.2785, and a break above this level may pave the way for another rise towards 1.3000. It is advisable to stay informed and adjust trading strategies based on evolving market conditions.