Indicator analysis: Daily review of GBP/USD on June 5, 2023

Trend Analysis (Fig. 1)

The market may move downward from the level of 1.2445 (closing of Friday’s daily candle) with a target of 1.2425, the 50.0% pullback level (blue dotted line). Upon reaching this level, the price may move upward with a target of 1.2492, the 50.0% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – up;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger bands – down;
• Weekly chart – down.

General conclusion:

Today, the price may move downward from the level of 1.2445 (closing of Friday’s daily candle) with a target of 1.2425, the 50.0% pullback level (blue dotted line). Upon reaching this level, the price may move upward with a target of 1.2492, the 50.0% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2445 (closing of Friday’s daily candle) with a target of 1.2397, the 61.8% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with a target of 1.2492, the 50.0% pullback level (red dotted line).

The material has been provided by InstaForex Company – www.instaforex.com