Site map
العربية Български 中文 Čeština English Français Deutsch हिन्दी Bahasa Indonesia Italiano Bahasa Malay اردو Polski Português Română Русский Srpski Slovenský Español ไทย Nederlands Українська Vietnamese বাংলা Ўзбекча O'zbekcha Қазақша

InstaForex Client Area

  • Personal settings
  • Access to all InstaForex services
  • Detailed statistics and reports on trades
  • Full range of financial transactions
  • System of managing several accounts
  • Maximum data protection

InstaForex Partner Area

  • Full information on clients and commissions
  • Graphic statistics on accounts and clicks
  • Webmaster instruments
  • Ready-made web solutions and wide range of banners
  • High data protection level
  • Company's news, RSS feeds, and forex informers
Log in using Google
cabinet icon

InstaForex – always at the forefront!Open a trading account and become a part of the InstaForex Loprais Team!

Success history of the team headed by Ales Loprais can become your success history! Trade confidently and head towards leadership like regular participant of Dakar Rally and winner of Silk Way Rally InstaForex Loprais Team does it!

Join in and win with InstaForex!

Instant account opening

Get a letter of instructions
toolbar icon

Trading Platform

For mobile devices

For trading via browser

03.06.202006:45 GBP/USD: plan for the European session on June 3 (analysis of yesterday's deals). Pound buyers believe in a bright future. COT report. Bulls aim for resistance 1.2609

To open long positions on GBP/USD, you need:

Despite another futile round of trade negotiations between the UK and the EU, traders continue to buy the British pound amid a weak US dollar, which remains under pressure due to riots in the United States. However, it is worth paying attention that the COT reports for the past week remain on the side of the pound sellers, so you should be extremely careful with further purchases at highs. The COT report states that short non-profit positions increased from 54,799 to 61,449 during the week, while long non-profit positions also increased from 35,810 to 39,192. As a result, the non-profit net position became even more negative and turned out to be at the level of –22,257, against –18,989, which so far indicates that the medium-term bearish trend has remained in GBP/USD. As for the short-term technical picture of the pound, the bulls are focused on a breakthrough of resistance at 1.2609, consolidating on it can result in the pair's growth in the area of highs 1.2647 and 1.2686, where I recommend taking profits. Also, do not forget to retaining 1.2565 support, since forming a false breakout on it will be a signal to open long positions while expecting the bullish trend to continue. If the pair falls below this level, it is best to wait until the low of 1.2504 is updated, where the moving averages go, or buy GBP/USD immediately to rebound from the larger level of 1.2439, where buyers will try to form a new lower boundary of the ascending channel.

To open short positions on GBP/USD, you need:

Sellers are still quite cautious and are not in a hurry to return to the market even at current highs, since it is not clear what the current situation with the unrest in the US will lead to. The initial task of the bears is to maintain the resistance of 1.2609, since a false breakout there will be the first signal to sell the pound, which can lead to a breakthrough and consolidation below the support of 1.2565, which is very important for the current short-term outlook. Movement below the 1.2565 level will force many speculative buyers to close long positions, and this will lead to selling GBP/USD to the low of 1.2504 and 1.2439, where I recommend taking profits. However, updating these supports will only be considered as a correctional movement within the upward trend of May 18. In case the pound grows further, it is best to return to short positions only after updating resistance at 1.2647, or even higher - from a high of 1.2686 while aiming for a downward movement of 30-35 points to close the day.

Exchange Rates 03.06.2020 analysis

Signals of indicators:

Moving averages

Trade is conducted above 30 and 50 moving averages, and the market is on the side of pound buyers.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

In case the pound falls, support will be provided by the lower border of the indicator at 1.2515. A break of the upper border of the indicator in the area of 1.2590 will cause the pound to sharply grow.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - Moving Average Convergence / Divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
  • Non-profit traders are speculators, such as individual traders, hedge funds and large institutions that use the futures market for speculative purposes and meet certain requirements.
  • Long nonprofit positions represent the total long open position of nonprofit traders.
  • Short nonprofit positions represent the total short open position of nonprofit traders.
  • The total non-profit net position is the difference between short and long positions of non-profit traders.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Ruben Watson,
Analytical expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Widget calback
Our specialist
will call you back
in five minutes
We will navigate you
through the website and
answer all your questions!
Preferred Type of Connection
Preferred language
  • English
  • Русский
  • العربية
  • Bahasa Indonesia
  • Bahasa Melayu
  • বাংলা
  • Български
  • 中文
  • Español
  • हिन्दी
  • Asụsụ Igbo
  • Português
  • اردو
  • ไทย
  • Українська
  • Tiếng Việt
  • Èdè Yorùbá
A call-back request was accepted.
Our specialists will contact you as soon as possible.
An error occurred.
Please try again later.
Can't speak right now?
Ask your question in the chat.