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07.06.202220:47 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 07, 2022

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Overview :

The GBP/USD pair set above strong support at the level of 1.2548, which coincides with the 50% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity.

Hence, major support is seen at the level of 1.2548 because the trend is still showing strength above it.

Accordingly, the pair is still in the uptrend from the area of 1.2548 and 1.2560. The GBP/USD pair is trading in a bullish trend from the last support line of 1.2548 towards the first resistance level at 1.2614 in order to test it.

This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.2666.

The level of 1.2666 will act as second resistance and the double top is already set at the point of 1.2666.

In overall, we still prefer the bullish scenario as long as the price is above the level of 1.2666. Furthermore, if the GBP/USD pair is able to break out the top at 1.2666, the market will climb further to 1.2726.

On the other hand, if the GBP/USD pair fails to break out through the resistance level of 1.2666; the market will decline further to the level of 1.2520 (daily support 2). then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

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