FX.co - GBP/USD update for June 10, 2021 - Potential for the bigger drop towards 1.4000

2021-06-10T08:53:02

Relevance until2021-06-11

Technical analysis:

GBP/USD update for June 10, 2021 - Potential for the bigger drop towards 1.4000

GBP has been trading downwards as I expected. The GBP confirmed the breakout of the upside channel and potential for the bigger drop.

Trading recommendation:

Watch for potential selling on the rallies with the downside target at the price of 1.4000.

The main cause for the downside movement is the breakout of the upside channel in the background and successful re-test phase.

Stochastic is showing fresh bear cross and potential for the bigger drop....

Key ressistnace is set at 1.4230

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for June 10, 2021 - Potential for the bigger drop towards 1.4000