FX.co ★ dusty24 | GBP/USD

Hello traders. Friday's publication of US labor market data for May allowed the US dollar to significantly strengthen in the market, causing the GBP/USD currency pair to break the medium-term four-hour sideways trend to the south, as we expected. Over the weekend, the British pound is trading at a rate of $1.3340 per pound with the intention to move further south, as the last H4 candle also remains bearish and is supported by a falling stochastic, although its support potential is limited as it has reached oversold territory. Overall, I believe that the bears are aiming to retest the pair's low from May 18 at the round level of 1.3300 and may head towards this target from current positions. However, considering that the market closed for the weekend, a short-term corrective rise is possible within the "Monday against Friday" rule towards the former support area at 1.3380, which will now act as resistance to the upside and could push the pair down again.