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FX.co ★ Technical analysis of the GBP/USD pair for June 2021

Technical analysis of the GBP/USD pair for June 2021

Trend analysis

In June, the price from the level of 1.4208 (closing of the monthly candlestick in May) is expected to rise to the target of 1.4374 – the upper fractal (red dotted line). After testing this level, the upward movement may resume to the upper target of 1.4725 – the upper border of the Bollinger line indicator (black dashed line).

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Technical analysis of the GBP/USD pair for June 2021

Figure 1 (monthly chart)

Indicator analysis:

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

The conclusion based on a comprehensive analysis is an upward movement.

An upward movement can be concluded based on complex analysis.

The overall result of the candlestick calculation based on the monthly chart: the price will most likely move in an upward trend, both without the first lower shadow (the first week of the month is white) and without the second upper shadow (the last week is white) in the monthly white candlestick.

General scenario: the price from the level of 1.4208 (closing of the monthly candlestick in May) is expected to rise to the target of 1.4374 – the upper fractal (red dotted line). If this line is tested, the upward trend may extend to the upper target of 1.4725 – the upper border of the Bollinger line indicator (black dashed line).

Alternative scenario: the price from the level of 1.4208 (closing of the monthly candlestick in May), may decline to the first target of 1.3960 – the support line (red bold line). From this line, the upward movement may continue to the target of 1.4230 – the historical resistance level (blue dotted line). After testing this level, further growth can be expected.

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