The currency pair British Pound to US Dollar (GBP/USD) continues to move within the framework of a developing bearish correction and a bullish channel. At the time of the forecast publication, the exchange rate of the British Pound against the US Dollar in Forex is 1.2764. The moving averages indicate the presence of a short-term bullish trend. Prices are once again testing the area between the signal lines, indicating pressure from buyers of the currency pair and a potential continuation of the instrument’s price increase. Currently, we can expect an attempt to develop a correction in the exchange rate of the British Pound against the US Dollar and a test of the support area near the 1.2685 level. From there, we can anticipate an upward rebound and a continuation of the rise in quotes of the British Pound against the US Dollar. The target for the pair’s rise, within the framework of the Forex forecast for June 22, 2023, is the area around the 1.2955 level.
GBP/USD Forecast for June 22, 2023
An additional signal in favor of the rise in the currency pair would be a test of the support line on the relative strength indicator (RSI). The second signal supporting the downward scenario would be a rebound from the lower boundary of the bullish channel. The cancellation of the upward scenario for the British Pound and US Dollar pair would occur with a decline and a breakthrough of the support area, with the price firmly below the 1.2635 level. This would indicate a breakthrough of the support area and a continuation of the decline in the GBP/USD pair towards the level of 1.2375. Confirmation of the pair’s rise should be expected with a breakthrough of the resistance area and the closure of the price above the 1.2825 level.
GBP/USD Forecast for June 22, 2023, suggests an attempt to test the support area near the 1.2685 level, followed by a continuation of the rise towards the target near the 1.2955 level. An additional signal in favor of the rise of the British Pound would be a test of the support line on the relative strength indicator (RSI). The cancellation of the upward scenario would occur with a decline of the British Pound against the US Dollar and a breakthrough of the 1.2635 area. This would indicate a continuation of the decline in the pair in Forex with a potential target below the 1.2375 level.
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