GBPUSD has been forming a rising wedge like pattern hitting resistance at around 1.23. GBPUSD has not managed to close above.
Currently testing both the lower rising trendline and the 200 daily SMA GBPUSD could break lower. If GBPUSD breaks below the trendline followed by a break below 1.19 the uptrend has reversed and GBPUSD could drop to the 0.382 retracement at 1.1566. 100 and 55 SMA’s will also provide some support. A close above 1.23 however, could lead to further upside with potential to 1.2660-1.2745.
However, there is no divergence on RSI indicating GBPUSD could move higher but a close above 1.23 is needed.
The 1.23 is strong resistance. It is also the 0.50 retracement of the entire down trend since 2021. Weekly RSI is currently being rejected at the 60 threshold.