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02.06.202309:14 Forex Analysis & Reviews: Technical Analysis of GBP/USD for June 2, 2023

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.

Technical Market Outlook:

The GBP/USD pair had made the last swing low at the level of 1.2308 as the market is still under the bearish pressure, but the bulls have managed to retrace 61% of the last wave down and hit the level of 1.2540. The market is trading above the 50 and 100 MA already. The intraday technical support is located at 1.2517. The momentum is strong and positive on the H4 time frame chart, which supports the bullish short-term outlook for GBP, however the extremely overbought market conditions had been hit, so the pull-back might occur any time soon.

Exchange Rates 02.06.2023 analysis

Weekly Pivot Points:

WR3 - 1.23581

WR2 - 1.23505

WR1 - 1.23473

Weekly Pivot - 1.23429

WS1 - 1.23397

WS2 - 1.23353

WS3 - 1.23277

Trading Outlook:

A Bearish Engulfing candlestick pattern on the Weekly time frame chart 100 pips away from the 61% Fibonacci retracement located at the level of 1.2778 might indicate the corrective cycle to the upside had been terminated. Any sustained breakout below the technical support at 1.2444 will be the first indication of stronger bearish pressure.

Sebastian Seliga
Analytical expert of InstaForex
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