For Traders

Analytical Reviews

Technical analysis

02.06.202204:53 Forex Analysis & Reviews: Forecast for GBP/USD on June 2, 2022

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.

The pound successfully reached the first bearish target at 1.2476. The price reached the support/resistance range at the end of April and the third week of May. Going under the 1.2436/76 range will open the 1.2250 target. It is very likely that the price will break through the support range to coincide with the transition of the Marlin Oscillator on the daily chart into the downward trend zone. Visually, this will take a day.

On the four-hour chart, the price is gathering strength to overcome the support level of 1.2476. The price is likely to move into the 1.2436/76 range and consolidate in it. Consolidating below 1.2436 will give impetus to a new wave of decline towards 1.2250 (June 2020 low).

Back to the list

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.