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Indicator analysis. Daily review on GBP / USD for June 1, 2020

The pair traded upwards on Friday and tested 1.2360 - a 50.0% pullback level (presented in a blue dashed line). Today, the price may continue to move up. Economic calendar news for the pound is expected at 08:30 UTC, and for the dollar at 14:00 UTC.

Trend analysis (Fig. 1).

Today, the upward trend may continue from the level of 1.2345 (closing of the Friday afternoon candle) with the target of 1.2427 - a 61.8% retracement level (presented in a blue dashed line). If this level is reached, a downward pullback is possible.


Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may move upwards with the target of 1.2427 - a 61.8% retracement level (presented in a blue dashed line). Upon reaching this level, the upward movement may continue with the target of 1.2510 (presented in a blue dashed line).

Another possible scenario is a downward trend from 1.2427 - a 61.6% rollback level (presented in a blue dotted line) with the target at the support line 1.2253 (presented in a red bold line).

The material has been provided by InstaForex Company -