GBPUSD Daily Analysis – June 26, 2023

The GBPUSD currency pair has broken below the significant support level at 1.2690, indicating a continuation of the downtrend initiated from 1.2847. This development suggests that further declines are likely in the near term, with potential targets at 1.2610, followed by 1.2500.

As the pair remains in a downtrend, traders should be prepared for additional selling pressure. Monitoring price action and key levels will be crucial in determining the future direction of GBPUSD. Immediate resistance is now observed at 1.2785, and only a break above this level would potentially signal a temporary halt to the downward move and could trigger another rise towards the psychological level of 1.3000.

To summarize, GBPUSD has broken below the support level at 1.2690, signaling a continuation of the downtrend from 1.2847. Deeper declines are expected, with potential targets at 1.2610 and 1.2500. Immediate resistance is observed at 1.2785, and a break above this level could lead to a temporary pause in the downward move, potentially targeting 1.3000. Traders should exercise caution, employ risk management strategies, and stay informed about fundamental and geopolitical developments when trading GBPUSD.