GBPUSD Technical Analysis; June 22, 2023

Cable is facing doubts among traders regarding the future of the UK economy as inflation rates intensified last month. The currency pair’s trend indicates a decline in the rally, and selling pressure below 1.2770 prompted short-term buyers to enter the market. Additionally, the May high of 1.2670 has now become a new support level, and it remains to be seen if buyers will return. If not, 1.2530, positioned on the daily chart, will serve as a crucial support level to maintain the strength of the British pound. The newly formed supply zone between 1.2800 and 1.2850 presents an obstacle that needs to be overcome before the uptrend can resume.

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