Technical Analysis of GBP/USD for June 1, 2021

Technical Market Outlook:

The GBP/USD pair has made a new swig high at the level of 1.4226, but the whole rally had ended with a Pin Bar candlestick pattern at the top of the wave up. The market pulled-back and is currently trading around the level of 1.4223, which is a technical support for the price. The momentum is strong and positive, but the market conditions are now overbought, so the bears might push the price lower towards the short-term trend line support around the level of 1.4200 before the up move will continue.

Weekly Pivot Points:

WR3 - 1.4370

WR2 - 1.4303

WR1 - 1.4219

Weekly Pivot - 1.4140

WS1 - 1.4061

WS2 - 1.3988

WS3 - 1.3910

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent consolidation zone located around 1.4000. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).

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The material has been provided by InstaForex Company - www.instaforex.com

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