FX.co ★ Technical analysis and trading recommendations for the GBP / USD currency pair as of June 6, 2018

The British pound currency pair continues to form a corrective movement, approaching the projected level of 1.3440. Earlier, we already discussed that the quotation managed to go into the correction stage after working off the value of 1.3200, where, as a result, we received an upward move of more than 220 points. Now, the quotation has closely approached the range of 1.3440 with a little slowing down movement. We can assume the formation of a bump in the level where traders will have two interesting variations: the first is a reverse move, we know that 1.3440 is a significant level and this can play to the bears, returning us to the values of 1, 3350 / 1,3300. The second variation is if we consider the pair in a global character, then we will see a massive downward movement of more than 1000 moves, and the current correction can continue.

Key Levels

Resistance zones: 1.3440 **; 1,3600 *; 1,3700

Support zones: 1,3300; 1,3200 *; 1,3000

* Periodic level

** Range level