Technical Analysis of GBP/USD for June 3, 2021

Technical Market Outlook:

The GBP/USD pair has bounced from the technical support located at the level of 1.4110 and is currently trading back inside of the consolidation zone located between the levels of 1.4099 - 1.4223. The momentum is neutral and the market conditions are now starting to become oversold, so the bulls might move the technical resistance located at 1.4223 again. The market participants keep waiting for the breakout in either direction.

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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