GBP/USD Technical: Looking to resume minor up move

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<li><strong>Recent drop of 156 pips from the current 52-week high of 1.2848 has not damaged GBP/USD minor uptrend.</strong></li>
<li><strong>Price actions so far have been trading above upward sloping 13-day moving average now acting as support at 1.2630.</strong></li>
<li><strong>Short-term upside momentum seems to have resurfaced as indicated by the hourly RSI oscillator.</strong></li>
</ul>
<p>The ongoing medium-term uptrend phase of <a href="https://www.oanda.com/sg-en/trading/instruments/gbp-usd/">GBP/USD</a> in place since the 26 September 2022 low of 1.0359 has hit a current 52-week high of 1.2848 last Friday, 16 June.</p>
<p>In the past week, it has declined by 156 pips (-1.22%) to print an intraday low of 1.2691 on Wednesday, 21 June ahead of today’s Bank of England’s monetary policy decision.</p>
<h2><strong>The medium-term uptrend remains intact with major resistance at 1.3360</strong></h2>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-19-48.png"><img loading="lazy" class="alignnone wp-image-805915 size-large" src="https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-19-48-1024×578.png" alt="" width="700" height="395" srcset="https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-19-48-1024×578.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-19-48-300×169.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-19-48-768×433.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-19-48.png 1507w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p>Fig 1: GBP/USD medium-term trend as of 22 Jun 2023 (Source: TradingView, click to enlarge chart)</p>
<p>The weakness seen in the price actions of the GBP/USD in the past two days has not damaged the minor uptrend phase in place since the 7 June 2023 low of 1.2395.</p>
<p>It has continued to evolve within a minor ascending channel (see 1-hour chart) and traded above an upward-sloping 13-day moving average.</p>
<h2><strong>A resurgence of short-term upside momentum</strong></h2>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-42-34.png"><img loading="lazy" class="alignnone wp-image-805916 size-large" src="https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-42-34-1024×616.png" alt="" width="700" height="421" srcset="https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-42-34-1024×616.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-42-34-300×181.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-42-34-768×462.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/06/GBPUSD_2023-06-22_16-42-34.png 1507w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p>Fig 2: GBP/USD minor short-term trend as of 22 Jun 2023 (Source: TradingView, click to enlarge chart)</p>
<p>The 1-hour RSI oscillator has just managed to form a “higher low” after it hit its oversold zone on Wednesday, 21 June which indicates that short-term upside momentum may have resurfaced.</p>
<p>Watch the 1.2630 key short-term pivotal support with next resistances coming in at 1.2980 and 1.3110 (upper boundary of the minor ascending channel, congestion area of 14 March/19 April 2022 & 76.4% Fibonacci retracement of the prior medium-term down move from 13 January 2022 high to 26 September 2022 low, see daily chart).</p>
<p>On the other hand, a break below 1.2630 negates the bullish tone to expose the key medium-term support of 1.2450.</p>