FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on June 4, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.4101 (closing of yesterday's daily candlestick) will try to continue moving downward with the target of 1.4025 - the 38.2% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards with the target of 1.4092 - the 76.4% retracement level (blue dashed line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - up;
• Bollinger lines - up;
• Weekly schedule - down.

General conclusion:

Today the price from the level of 1.4101 (closing of yesterday's daily candlestick) will try to continue moving downward with the target of 1.4025 - the 38.2% retracement level (red dotted line). Upon reaching this level, the price may start moving upwards with the target of 1.4092 - the 76.4% retracement level (blue dashed line).

Alternative scenario: from the level of 1.4101 (closing of yesterday's daily candlestick), it will try to start moving upwards with the target of 1.4142 - the 85.4% retracement level (blue dashed line). Upon reaching this level, the price may continue to move upward with the target at 1.4217 - the historical resistance level (blue dotted line).