03.06.202222:04 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 03, 2022

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Overview :

The GBP/USD pair opened below the weekly pivot point (1.2537). It continued to move downwards from the level of 1.2537 to the bottom around 1.2497.

Today, the first resistance level is seen at 1.2537 followed by 1.2587, while daily support 1 is seen at 1.2458.

Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.2537.

So it will be good to sell at 1.2537 with the first target of 1.2458. It will also call for a downtrend in order to continue towards 1.2411.

The strong daily support is seen at the 1.2411 level, which represents the double bottom on the H1 chart.

According to the previous events, we expect the EUR/USD pair to trade between 1.2537 and 1.2411 in coming hours. The price area of 1.2537 remains a significant resistance zone.

Thus, the trend is still bearish as long as the level of 1.2537 is not broken. On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the resistance level of 1.2537, then a stop loss should be placed at 1.2587.

Comment:

The EUR/USD pair fell from 1.2666 to 1.2497.
The strong resistance will be formed at 1.2587.
Daily pivot is set at 1.2537.
The market is still indicating a strong bearish trend from the area of 1.2537/1.2587.

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