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07.06.202106:01 Forex Analysis & Reviews: Forecast for GBP/USD on June 7, 2021

GBP/USD

The price reversed from the support of the MACD indicator line on the daily chart last session (Friday). This morning, the price is heading for a second, or rather, third attack of this support (the first was on Thursday, June 3). The Marlin oscillator is trying to settle in the bears' territory for the daily. If the price moves below the MACD line, below 1.4097, the next target will open at 1.4004.

Exchange Rates 07.06.2021 analysis

On the four-hour scale chart, the price repeatedly reverses from the MACD line for the third day. The Marlin oscillator has entered the decline area. We are waiting for another attack on the support price at 1.4097.

Exchange Rates 07.06.2021 analysis

The chance of success is 70%. If the pound fails to take advantage of these opportunities, an alternative scenario will open and the price could rise to the target level of 1.4244 and possibly to 1.4277. To do so, the price will have to settle above the MACD line (1.4180). The price did not manage to consolidate both on June 3rd and 4th.

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

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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