01.06.202009:17 Forex Analysis & Reviews: Technical analysis for the GBP/USD pair for the week of June 1 to 6

Trend analysis.

This week, the price from the level of 1.2346 (closing of the last weekly candle) will move up with the target at 1.2499 - a pullback level of 76.4% (red dashed line) and in case of testing this level, work up with the next upper target at 1.2646 - upper fractal (red dashed line ). If this level is tested, it will work down.

Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - down;

- trend analysis - neutral;

- Bollinger Lines - down;

- monthly chart - up.

The conclusion of a comprehensive analysis is an upward movement.

The total result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price of the week will most likely have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the absence of the second upper shadow (Friday - up).

The first upper target at 1.2499 - a pullback level of 76.4% (red dashed line)

The weekly upper target at 1.2646 - upper fractal (red dashed line).

An unlikely scenario: the price from the level of 1.2346 (closing the last closed weekly candle) works down with the lower target at 1.2174 - a pullback level of 38.2% (blue dashed line).