GBP is trying to take advantage of the support 26/6/2023

A bearish tendency dominated the movements of the pound sterling against the US dollar during the previous session’s trading within the expected bearish track, approaching by a few points at the required target 1.2670, recording its lowest level at 1.2685.

On the technical side, we notice attempts for a bullish rebound, taking advantage of building on the strong support floor at 1.2680, and we find signs of positivity starting to appear on the stochastic by providing positive crossover signals.

Therefore, there is a possibility of a bullish bias in the coming hours, targeting a retest of 1.2760 as a first target, knowing that confirming the breach of the mentioned level is a motivating factor that may allow the pair to retest the psychological barrier of 1.2800 initially.

We remind you that trading remaining above 1.2775 is a prerequisite for maintaining the bullish bias, and breaking it nullifies the activation of the suggested scenario, and leads the pair to the bearish trend again, targeting 1.2650 and 1.2620, respectively.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2690	R1: 1.2795
S2: 1.2650	R2: 1.2800
S3: 1.2760	R3: 1.2840