01.06.202311:41 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 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.

Trend analysis:

GBP/USD will probably move upward in June, starting from the closing of the May monthly candle at 1.2437 to the upper limit of the Bollinger Bands indicator at 1.3016 (black dashed line). The pair could shift into a downward movement upon reaching this price.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - downtrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

The indicators show that a bullish scenario will unfold in GBP/USD.

Conclusion: The pair will have an upward trend, with a first lower shadow on the monthly white candle (the first week of the month is black) and no second upper shadow (the last week is white).

So, throughout the month, pound will rise from 1.2437 (closing of the May monthly candle) to the upper limit of the Bollinger Bands indicator at 1.3016 (black dashed line), and then turn around and move downwards.

Alternatively, the quotes could climb from 1.2437 (closing of the May monthly candle) to the 61.8% retracement level at 1.2748 (red dashed line), and then bounce down to the 14.6% retracement level at 1.2336 (yellow dashed line).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.