02.06.202117:33 Forex Analysis & Reviews: Wave analysis for GBP/USD on June 2

For the pound/dollar pair, the wave marking has not changed at all in recent weeks. The British dollar has been in a sideways corridor strictly below the 0.0% Fibonacci level for more than two weeks. Thus, after the proposed wave e completed its construction, the correction wave structures began, which are very difficult to determine for any particular wave of the higher scale. An unsuccessful attempt to break through the 0.0% Fibonacci level indirectly indicates the end of the entire upward trend. On the other hand, the wave marking does not allow us to make such an unambiguous conclusion. It is too complicated, and a new successful attempt to break through the 0.0% Fibonacci level will lead to a more complex upward set of waves. Thus, I can't even make an unambiguous conclusion at this time about whether the current upward set of waves is complete.

The pound/dollar pair started a new increase in quotes during the current day and added about 70 basis points in the second half. However, this does not clarify the current wave markup. There is positive news for the Briton. However, it is unlikely to have anything to do with the latest movements of the instrument, given that it is standing still. Vaccination in the UK continues, and as early as June, three-quarters of Britons can be fully vaccinated. On June 21, the country plans to cancel all quarantine restrictions completely. Thus, the country that was most affected by the coronavirus in Europe in 2020 can get rid of it faster than anyone else. There have also been recent rumors that the Bank of England may raise the interest rate as early as next year.

Gertjan Vliege first announced it. Moreover, it was also announced yesterday by Andrew Bailey's deputy manager Dave Ramsden. He said that the rate could be raised if inflationary pressures persist. However, at the same time, the Governor of the Bank of England, Andrew Bailey, has repeatedly stated that the growth of inflation is unlikely to be prolonged, and it will reach its maximum by the end of the year when it can reach 2.5%. Thus, I believe that raising the rate is still too early to be considered resolved. I want to remind you that the US economy is recovering faster than the British economy. From my perspective, the rate will be raised first where the economy will grow faster and stronger. It is in the United States. The Fed's regional economic review, the Beige Book, will be published this evening. However, I don't think it will contain important information.

At this time, the wave pattern continues to be twofold. The pound moves almost horizontally, which makes it difficult to work with it. At this time, it is still unclear whether the proposed wave e has completed its construction. Its internal wave structure looks ambiguous. You can try to sell the instrument with a protective order above the level of 1.4240, which corresponds to 0.0% of the Fibonacci. And if the level of 1.4240 breaks, buy it.

The upward section of the trend, which began its construction a couple of months ago, takes a rather ambiguous form. As I said above, several variants of wave marking are possible at once. Unfortunately, different options offer different further developments. Therefore, it may be necessary to wait for the current wave markup to clear up a little.