Relevance up to 22:00 2022-06-03 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Read more: https://www.instaforex.eu/forex_analysis/278584
Overview :
The GBP/USD pair faced resistance at the level of 1.2666, while minor resistance is seen at 1.2592. Support is found at the levels of 1.2498 and 1.2458.
Also, it should be noted that a daily pivot point has already set at the level of 1.2498. Equally important, the GBP/USD pair is still moving around the key levels around 1.2498-1.2527, which represents a daily pivot in the H1 time frame at the moment.
Yesterday, the GBP/USD pair continued to move upwards from the level of 1.2498.
The pair rose from the level of 1.2498 (this level of 1.2498 coincides with the double bottom) to the top around 1.2527.
In consequence, the GBP/USD pair broke resistance, which turned strong support at the level of 1.2498.
The level of 1.2498 is expected to act as major support today. From this point, we expect the BP/USDpair to continue moving in the bullish trend from the support level of 1.2498 towards the target level of 1.2592.
If the pair succeeds in passing through the level of 1.2592, the market will indicate the bullish opportunity above the level of 1.2592 in order to reach the second target at 1.2666 in order to touch the double top at the same time frame.
On the other hand, the daily strong support is seen at 1.2458. If the GBP/USD pair is able to break out the level of 1.2458, the market will decline further to 1.2409 (daily support 2).
