FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on June 3, 2021

Trend analysis (Fig. 1).

The market from the level of 1.4166 (closing of yesterday's daily candlestick) may start moving down with the target of 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue working downwards with the target of 1.4025 - the retracement level of 38.2% (red dashed line). Upon reaching this level, it is likely to start moving upward with the target of 1.4092 - the 76.4% retracement level (blue dashed line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - up;
• Bollinger lines - up;
• Weekly chart - up.

General conclusion:

Today, the price from the level of 1.4166 (closing of yesterday's daily candlestick) may start moving down with the target of 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue working downwards with the target of 1.4025 - the retracement level of 38.2% (red dashed line). Upon reaching this level, it is likely to start moving upward with the target of 1.4092 - the 76.4% retracement level (blue dashed line).

Alternative scenario: from the level of 1.4166 (closing of yesterday's daily candlestick), it may continue moving down with the target at 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to start working upwards with the target at 1.4217 - the historical resistance level (blue dashed line).