FX.co ★ Indicator analysis: Daily review of GBP/USD on June 1, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.2437 (closing of yesterday's daily candle) with the target of 1.2406, the 8-day EMA (thin blue line). In the case of testing this level, the price may move upwards with the target of 1.2448, the 38.2% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - down;
• Bollinger bands - down;
• Weekly chart - down.

General conclusion:

Today, the market may move downward from the level of 1.2437 (closing of yesterday's daily candle) with the target of 1.2406, the 8-day EMA (thin blue line). In the case of testing this level, the price may move upwards with the target of 1.2448, the 38.2% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2437 (closing of yesterday's daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). In case of testing this level, the price may rise towards 1.2448, the 38.2% pullback level (red dotted line).