Relevance up to 08:00 2022-06-16 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.


Technical Market Outlook:

The GBP/USD pair had made a new swing low at the level of 1.1933, so the down trend is still intact, however the last down wave had ended up with a Pin Bar candlestick. The bulls might be ready for the pull-back or even a bounce higher. The nearest technical resistance is seen at the level of 1.2246 and the next technical support is located at 1.2072 and 1.2012. Any violation below this level would likely accelerate the sell-off towards the level of 1.2000. The weak and negative momentum supports the short-term bearish outlook for Cable, however, due to the extremely oversold market conditions on the H4 time frame chart, the bounce towards the technical resistance is on table.

https://www.fxmag.com/forex/technical-analysis-of-gbp-usd-for-june-...