Relevance up to 11:00 2022-06-04 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.
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GBP/USD is trading in a very tight range, at 1.2555-1.2585, ahead of the release of the latest employment report in the US. The market's reaction may be mixed, but the preservation of yesterday's positive sentiment will lead to a further price increase, while a change will lead to a decline.
technical picture:
The quote is above the middle line of the Bollinger indicator, at the SMA 5 and above the SMA 14. The relative strength index (RSI) lies at the 50% level and is moving horizontally, while the stochastic indicator is leaving the overbought zone.
Possible dynamics:
Growth and consolidation of the pair above 1.2585 may lead to an increase to 1.2660. Meanwhile, a decline and consolidation below 1.2555 will provoke a further decrease to 1.2460, which is more plausible given the current conditions.
