GBP/USD: TECHNICAL ANALYSIS 23.06.20 Current trend GBP/USD quotes attempted to grow, but reaching 1.25060 marks moved to a downward correction. At the moment the price has met the support at 1.24352 level, which coincided with the middle line of Bollinger Bands. The breakdown of this mark and pair’s sustained trading below 1.24300 will be a signal of the downward trend resumption and let the price decline to the area of 1.23901 support-line. Alternative scenario The upward rebound from the middle line of Bollinger Bands and pullback above 1.24800 will let the price re-test the 1.25060 today's high. One may speak about upward movement continuation after the price consolidates above the resistance level of 1.25122. In this case, the buyers will aim for the 1.25400-1.25732 resistance area. Technical indicators The technical picture is mixed. Bollinger Bands are converging on the background of bullish momentum. MACD is decreasig in the negative zone. Stochastic is preparing to exit the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation. Support and resistance Support levels: 1.24512, 1.24352, 1.23901. Resistance levels: 1.25122, 1.25486, 1.25732. Trading recommendations Short positions can be opened below the level of 1.24352 with the target at around 1.24000 and stop-loss at 1.24469. Long positions can be opened above the level of 1.25122 with the target at around 1.25486 and stop-loss at 1.25000.