02.06.2023 07:01 PM
Technical analysis on GBPUSD for June 2nd, 2023.

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Green line- bullish RSI divergence

Red line- resistance trend line

Violet lines- Fibonacci retracement levels

GBPUSD is under pressure. Price reached as high as 1.2543 earlier today but now price is trading near 1.2450. Price has reached the key Fibonacci resistance area of 61.8% retracement. Price got rejected at the key resistance area. The RSI warned bears on time for a coming bullish bounce higher. GBPUSD retraced 61.8% of the entire decline. The 61.8% is important retracement level where we usually see trend reversals like today. Bulls now need to support GBPUSD and form a higher low in order to gather strength for a new upward move. Breaking above the 61.8% retracement will be an important bullish signal and sign of strength. Will bulls be strong enough to challenge this resistance again? Support is critical at recent low of 1.2346. Bulls do not want to see price break below this level.

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