FX.co ★ Indicator analysis: Daily review of GBP/USD on June 2, 2022

Trend analysis (Fig. 1).

The euro-dollar pair may move up from 1.2482 (close of yesterday's daily candle) to the target of 1.2533, the 38.2% retracement level (red dotted line). When testing this level, the price may continue to move upward to the upper fractal 1 2666 (yellow dotted line). Upon reaching this level, continued upward movement is possible.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move up from 1.2482 (close of yesterday's daily candle) to the target of 1.2533, the 38.2% retracement level (red dotted line). When testing this level, the price may continue to move upward to the upper fractal 1 2666 (yellow dotted line). Upon reaching this level, continued upward movement is possible.

Alternative scenario: from the level of 1.2482 (close of yesterday's daily candle), the price may move upward with the target of 1.2533, the 38.2% retracement level (red dotted line). When testing this level, the price may move downward to 1 2470, the 38.2% retracement level (yellow dotted line). When testing this level, upward movement is possible.