Bearish outlook on GBPUSD - 30 June 2023
Currently, there is bearish order flow, with lower highs and lower lows being formed on H4 timeframe. A throwback to the support-turned-resistance zone at 1.2700, which coincide with the 61.8% Fibonacci retracement, and a break below downside confirmation at 1.2600 could provide the bearish acceleration towards key support zone at 1.2500, which coincides with the 161.8% fibonacci extension level. Price is hovering below our ichimoku cloud and 20 EMA, supporting our bearish bias.
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