05.06.202309:35 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 5-10, 2023

Trend analysis

GBP/USD may start moving downward this week, starting from the level of 1.2445 (closing of the last weekly candle) to the 50% retracement level at 1.2239 (red dashed line). Upon reaching this price, the pair will turn around and climb towards the upper fractal at 1.2678 (red dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

Volumes - downward

Candlestick analysis - downward

Trend analysis - downward

Bollinger bands - upward

Monthly chart - upward

Conclusion: All indicators point to a downward movement in GBP/USD.

Overall conclusion: Most likely, the pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - upward) and a second lower shadow (Friday - upward).

So during the week, pound will dip from 1.2445 (closing of the last weekly candle) to the 50% retracement level at 1.2239 (red dashed line), and then bounce up to the upper fractal at 1.2678 (red dashed line).

Alternatively, the quote could go downward from 1.2445 (closing of the last weekly candle) to the 61.8% retracement level at 1.2135 (red dashed line), and then turn around and rise to the 76.4% retracement level at 1.2599 (blue dashed line).