GBP/USD Technical Analysis: June 27, 2023

deltawriter 27 June 2023

The British pound rose after breaking the 1.2750 resistance against the US dollar. Before the bears emerged, the GBP/USD currency pair touched the 1.2850 resistance.
Looking at the 4-hour chart of this currency pair, a bearish correction can be seen in the 1.2850 range, which also traded below the 1.2800 and 1.2780 levels.

However, the pair is still above the 100 and 200 simple moving averages.

The first support level is near 1.2665. Also, the next significant support level is near the 1.2620 and the 100 simple moving average. If there is a downside break below the 1.2620 support level, the pair could decline to the 1.2550 support level.

In another scenario, the 50% Fibonacci retracement level indicates an upward move from the low of 1.2487 to the high of 1.2848.

However, if an upward trend is formed, the first primary resistance is near the 1.27630 area.

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