FX.co ★ Technical Analysis of GBP/USD for June 2, 2020:

Technical Market Outlook:

The GBP/USD pair has made a new local high at the level of 1.2524 (there is a potential Bearish Engulfing candlestick pattern made at the top of this move as well). The market has broken out of the ascending channel and the next target is seen at the level of 1.2588. The momentum is still strong and positive, so odds for a local up trend continuation after the range breakout are high. The last swing low and technical support is seen at the level of 1.2072, but there is still a long way to test this level of support. The nearest support is seen at the level of 1.2406.

Weekly Pivot Points:

WR3 - 1.2667

WR2 - 1.2540

WR1 - 1.2455

Weekly Pivot - 1.2311

WS1 - 1.2222

WS2 - 1.2062

WS3 - 1.2001

Trading Recommendations:

On the GBP/USD pair the main trend is down, but the local up trend continues. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.