GBPUSD Daily Analysis – June 29, 2023

The GBPUSD pair has experienced continued downward movement, extending its decline from the recent high of 1.2847 to as low as 1.2605. This suggests that the bearish pressure remains intact, and further downside potential could be expected in the coming days.

Market participants are closely watching for potential support levels to gauge the extent of the downward move. The next target for GBPUSD lies at the 1.2520 level, followed by 1.2460. Traders and investors should monitor price action and key support levels to assess whether additional selling pressure could materialize.

In terms of resistance, immediate levels to watch are 1.2690 and 1.2758. A significant breakthrough above these resistance levels would indicate a potential shift in market sentiment and could trigger another upward move toward the previous high at 1.2847. Traders should carefully assess the strength of any bullish momentum and consider potential breakout opportunities should these resistance levels be breached convincingly.

To summarize, the GBPUSD pair continues to exhibit a downward trajectory, with further decline expected in the near term. Key support levels at 1.2520 and 1.2460 will be closely monitored, while resistance levels at 1.2690 and 1.2758 could impede any potential upside momentum. Traders should remain vigilant and adapt their trading strategies to the evolving market conditions.