Technical Analysis of GBP/USD for June 2, 2021

Technical Market Outlook:

The GBP/USD pair has made a new swig high at the level of 1.4246, but the whole rally had ended with a Pin Bar candlestick pattern at the top of the move up. The market pulled-back and is currently trading below the short-term trend line support and below the technical support located at 1.4257. The momentum is neutral, 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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