GBPUSD Technical Analysis – 06th JUNE, 2024
GBPUSD – Bearish Trend Reversal
GBPUSD was unable to sustain its bullish momentum and after touching a high of 1.2808, the prices started correcting downwards crossing the 1.2780 handle today in the European Trading session.
We have detected the formation of Bearish Trend Reversal pattern with the Adaptive Moving Average AMA50 in the 1-hourly timeframe.
The MACD crosses DOWN its Moving Average in the 2-hourly timeframe indicative of the Bearish Trends.
The price of GBPUSD is back under the Pivot point in the 4-hourly timeframe which indicates the bearish pressure present into the markets.
The prices are ranging near the resistance of the channel in the daily timeframe indicating the Bearish Trends.
GBPUSD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish Reversal seen below the 1.2808 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain Below the 1.2780 levels.
• Average true range ATR is indicating less market volatility.
GBPUSD is now trading just below its Pivot levels of 1.2782 and is moving into a Strongly Bearish channel.
The price of GBPUSD is aiming to cross its Classic support levels of 1.2765 which is a 14-3 Day Raw Stochastic at 70%.
We are also looking for the breach of the levels of 1.2758 in the immediate short term at which the Price Crosses 9 Day Moving Average.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
For in-depth analysis, please check FXOpen Blog
GBPUSD – Bearish Trend Reversal
GBPUSD was unable to sustain its bullish momentum and after touching a high of 1.2808, the prices started correcting downwards crossing the 1.2780 handle today in the European Trading session.
We have detected the formation of Bearish Trend Reversal pattern with the Adaptive Moving Average AMA50 in the 1-hourly timeframe.
The MACD crosses DOWN its Moving Average in the 2-hourly timeframe indicative of the Bearish Trends.
The price of GBPUSD is back under the Pivot point in the 4-hourly timeframe which indicates the bearish pressure present into the markets.
The prices are ranging near the resistance of the channel in the daily timeframe indicating the Bearish Trends.
GBPUSD is now trading above its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish Reversal seen below the 1.2808 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain Below the 1.2780 levels.
• Average true range ATR is indicating less market volatility.
GBPUSD is now trading just below its Pivot levels of 1.2782 and is moving into a Strongly Bearish channel.
The price of GBPUSD is aiming to cross its Classic support levels of 1.2765 which is a 14-3 Day Raw Stochastic at 70%.
We are also looking for the breach of the levels of 1.2758 in the immediate short term at which the Price Crosses 9 Day Moving Average.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
For in-depth analysis, please check FXOpen Blog