#GBPUSD Price Retests $1.24 Level Before Bullish Trend Continues (02 JUNE 2022)
GBPUSD Price Analysis – June 02
An increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.25, the next upward movement may target the $1.26, and $1.27. In case the resistance level of $1.25 is defended by the bears, bears may take over and the price may decline towards the support levels of $1.24, $1.23 and $1.22.
Key levels:
Supply levels: $1.25, $1.26, 1.27
Demand levels: $1.24, $1.23, $1.22
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bullish. The price action of the GBPUSD has formed a chart pattern called “inverted head and Shoulder”. It is a bullish chart pattern and that is why the price commences a bullish movement last week. The currency pair pulled back to retest the dynamic support level of $21. Bullish trend is restoring as the bulls’ momentum is increasing. Bullish candle opens the market today.
GBPUSD Price Analysis – June 02
An increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.25, the next upward movement may target the $1.26, and $1.27. In case the resistance level of $1.25 is defended by the bears, bears may take over and the price may decline towards the support levels of $1.24, $1.23 and $1.22.
Key levels:
Supply levels: $1.25, $1.26, 1.27
Demand levels: $1.24, $1.23, $1.22
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bullish. The price action of the GBPUSD has formed a chart pattern called “inverted head and Shoulder”. It is a bullish chart pattern and that is why the price commences a bullish movement last week. The currency pair pulled back to retest the dynamic support level of $21. Bullish trend is restoring as the bulls’ momentum is increasing. Bullish candle opens the market today.
The price is trying to push the price above the 21 periods EMA and the 9 periods EMA. The Relative strength index period 14 is at 44 levels with the signal line pointing up which indicate buy.
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