09.06.202219:29 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 09, 2022

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Overview :

GBP/USD : The bias remains bearish in the nearest term testing 1.2500 or lower. Immediate support is seen around 0.9870. A clear break below that area could lead price to the neutral zone in the nearest term.

Price will test 1.2485, because in general, we remain bearish on June 19h, 2022. Yesterday, the market moved from its top at 1.2575 and continued to drop towards the top of 1.2500.

Today, on the one-hour chart, the current fall will remain within a framework of correction.

However, if the pair fails to pass through the level of 1.2548 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.2548 (the level of 1.2548 coincides with tha ratio of 50% Fibonacci retracement).

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.2548 with the first target at 1.2485 and continue towards 1.2429 so as to test the double bottom.

If the trend breaks the double bottom level of 1.2429 , the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2385 in order to test the weekly support 3.

According to the previous events the price is expected to remain between 1.2548 and 1.2385 levels.

Sell-deals are recommended below the price of 1.2548 with the first target seen at 1.2485. The movement is likely to resume to the point 1.2429. The descending movement is likely to begin from the level 1.2429 with 1.2385 and 1.2350 seen as new targets in coing hours.

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