Technical Analysis of GBP/USD for June 07, 2021

Overview :Yesterday, the GBP/USD pair reached a new minimum at the price of 1.4121. So, today the price may reach one more minimum around the spot of 1.4027, which coincides with the ratio of 61.8% Fibonacci. Today, the GBP/USD pair is challenging the psychological resistance at 1.4027. So, the resistance is seen at the level of 1.4248 in the one-hour time frame. We expect the GBP/USD pair to continues moving in a downtrend below the level of 1.4248 towards the first target at 1.4027, while major resistance is found at 1.4327. On the downside, a clear break at the level of 1.4027 could trigger further bearish pressure testing 1.3959 , which represents the major support today.

Forecast:

As a result, it is gainful to sell below this price of 1.4248 with targets at 1.4027 and 1.3890. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.3809.

Daily Technical level:

Major resistance: 1.4327 Minor resistance: 1.4248 Intraday pivot point: 1.4027 Minor support: 1.3959 Major support: 1.3809