empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

01.06.202215:24 Forex Analysis & Reviews: Signs of weakness in GBPUSD.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

For the last couple of weeks GBPUSD was riding an upward sloping trend line making higher highs and higher lows. Yesterday price broke below the support trend line providing us with the first bearish signal after some time.

Exchange Rates 01.06.2022 analysis

Red line - key resistance trend line

Blue line- support trend line.

GBPUSD has reached very close to the resistance trend line coming from 1.36. The break below the support trend line is a sign that traders should not ignore. It is too early to tell if a new downward move is starting or just a pull back to retrace part of the upward move from 1.2154. What is certain is that as long as price is below the red trend line, we should expect GBPUSD to remain vulnerable to selling pressures.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off