GBP keeps climbing gradually 27/6/2023

The technical outlook remains unchanged, and the British pound did not move against the US dollar, trying to maintain its bullish bias quietly.

On the technical side, we notice attempts for a bullish rebound, taking advantage of consolidating on the strong support floor located at 1.2665, 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 stability above 1.2665 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 1.2620, respectively.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Consumer Confidence Index,” and we may witness high volatility at the time of the news release.

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: 1.2700	R1: 1.2765
S2: 1.2665	R2: 1.2800
S3: 1.2620	R3: 1.2840