FX.co ★ Indicator analysis: Daily review of GBP/USD on June 1, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move up from the level of 1.2598 (close of yesterday's daily candle) to the upper fractal at 1.2666 (yellow dotted line). In case of testing this level, the price may continue to move upward with the target of 1.2766, the 61.8% retracement level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Weekly chart – up;
• Bollinger Bands – up.

General conclusion:

Today the price may move up from the level of 1.2598 (close of yesterday's daily candle) to the upper fractal at 1.2666 (yellow dotted line). In case of testing this level, the price may continue to move upward with the target of 1.2766, the 61.8% retracement level (red dotted line).

Alternative scenario: from the level of 1.2598 (close of yesterday's daily candle), the price may move downward to 1.2494, the 23.6% retracement level (yellow dotted line). In case of testing this level, the price may move upward with the target of 1.2725, the 50.0% retracement level (red dotted line).