01.06.202009:45 Forex Analysis & Reviews: Technical analysis for the GBP/USD pair for June 2020

Trend analysis.

In June, an upward movement with the first target of 1.2464 is possible from the level of 1.2346 (closing of the May monthly candle) - a pullback level of 50.0% (red dashed line). In case of breaking this level up, the next upper target will be the pullback level of 61.8% - 1.2715 (red dashed line).

Fig. 1 (monthly chart).

Indicator Analysis:

• indicator analysis - up;
• Fibonacci levels - up;
• volumes - up;
• candlestick analysis - up;
• trend analysis - down;
• Bollinger Lines - down;

The conclusion on a comprehensive analysis is possibly up.

The total result of calculating the candle of the GBP/USD currency pair according to the monthly chart: the price will most likely have an upward trend with the absence of the first lower shadow (the first week of the month is white) for the monthly white candle and the presence of the second upper shadow (last week is black).

The most likely scenario: an upward movement with the first target of 1.2464 is possible - a pullback level of 50.0% (red dashed line) from the level of 1.2346 (closing of the May monthly candle). In case of breaking this level up, the next upper target is a pullback level of 61.8% - 1.2715 (red dashed line).

The least likely scenario: a downward movement to the pullback level of 38.2% -1. 2173 (blue dashed line) from the level of 1.2346 (closing of the May monthly candle). From this level, continue the downward movement to the target of 1.2028 - a pullback level of 50% (blue dashed line).