01.06.202212:56 Forex Analysis & Reviews: Technical analysis of GBP/USD for June 2022

Trend analysis

GBP/USD will move up this June, from 1.2598 (the closing of the May monthly candle) to 1.2951, which is the 38.2% retracement level (red dotted line). Upon reaching it, the pair will move to the 50.0% retracement level at 1.3196 (red dotted line), then go downwards.

Fig. 1 (monthly chart)

comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

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

And throughout the month, the pair will climb from 1.2598 (the closing of the May monthly candle) to the 38.2% retracement level at 1.2951 (red dotted line), go further up to the 50.0% retracement level at 1.3196 (red dotted line) , then move downwards.

Alternatively, the pair could decrease from 1.2598 (the closing of the May monthly candle) to the lower fractal at 1.2154 (red dotted line), then bounce up to the 14.6% retracement level at 1.2456 (red dotted line).