GBPUSD Upside Scenario Remains Firm Past the Level at 1.2660

GBPUSD Upside Scenario Remains Firm Past the Level at 1.2660

GBPUSD Price Analysis – June 7

The GBPUSD pair progressed to stabilize in the 1.2660 price area for the seventh day in a row since reaching a daily high level of 1.2731. The pair first became influenced by optimistic US job data but rather stayed bolstered by growing demands for high-yielding securities.

Key Levels
Resistance Levels: 1.3514, 1.3050, 1.2731
Support Levels: 1.2500, 1.2075, 1.1409

GBPUSD Long term Trend: Ranging
While the pullback from the 1.1409 level is strong in the larger context, there may not be enough indication of a trend reversal. Eventually, the downward trend from the level 2.1161 (high) may still proceed.

The pivotal breach of 1.3514 level, nevertheless, may at least indicate bottoming in the medium to long term and alter the trend to bullish for 1.4376 resistance level initially.
GBPUSD Short term Trend: Bullish
The upsurge of GBPUSD from level 1.2300 expanded last week and reach as high as level 1.2731. This week’s initial bias is now on the positive side. The next aim is an estimate of 61.8 percent from 1.1409 to 1.2647 from 1.2075 to 1.2830 levels next.

The continuous breach there, as seen on the daily, may aim 100 percent forecast at 1.3200 level. On the contrary, the intraday neutral bias may first be altered beneath 1.2500 minor support level.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.