Technical analysis of GBP/USD pair for the week of June 7-June 12, 2021

Trend analysis

This week, the price from the level of 1.4154 (closing of the last weekly candle) is expected to rise to the target of 1.4247 – the upper fractal (yellow dotted line). After reaching this level, it may further increase to the target of 1.4305 – the upper border of the Bollinger line indicator (black dotted line). After that, a downward movement is possible.

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Figure 1 (weekly chart)

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up
  • Monthly chart - up

An upward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend without the first lower shadow (Monday - up) and with the second upper shadow (Friday - down) in the weekly white candlestick.

The price from the level of 1.4154 (closing of the last weekly candle) will rise to the target of 1.4247 – the upper fractal (yellow dotted line). Once this level is reached, the upward movement may extend to the target of 1.4305 – the upper border of the Bollinger line indicator (black dotted line). A possible downward movement may follow after reaching it.

As an alternative, the price from the level of 1.4154 (closing of the last weekly candle) may increase to the target of 1.4247 – the upper fractal (yellow dotted line) and then decline to the target of 1.4110 – the pullback level of 23.6% (yellow dotted line).

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

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