GBP is pressing on the support floor 23/6/2023

The Sterling pound witnessed a mixed trading session, as the pair moved in both the bullish and bearish directions, touching the first bullish target to be achieved yesterday at 1.2810, and approaching by a few pips to the second target 1.2860, recording its highest level at 1.2842.

Technically, the current movements of the pair are witnessing stability below the strong support level at 1.2740. As we indicated during all the technical reports this week, the above level represents the key to protecting the bullish trend. With careful consideration of the 4-hour chart, we notice the return of the simple moving averages to put pressure on the price. From above, and accompanied by a loss of bullish momentum on stochastic.

Therefore, there may be a possibility of a bearish bias during today’s session, targeting 1.2670/1.2660 as a first target, taking into consideration that breaking the target level puts the pair under strong negative pressure, and would be a starting signal for a bearish correction with a target of 1.2600 & 1.2570.

Rising again above 1.2800, will lead the pair to recover, as we are waiting to initially touch 1.2890.

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: 1.2650	R1: 1.2795
S2: 1.2600	R2: 1.2890
S3: 1.2510	R3: 1.2940