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14.06.202110:40 Forex Analysis & Reviews: Indicator analysis. Daily review for the GBP/USD pair on June 14, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.4103 (closing of last Friday's daily candlestick) may continue to move downward with the target of 1.4062 - the support line (yellow dashed line). After testing this line, it is possible to start moving upward with the target of 1.4093 - the 76.4% retracement level (blue dashed line) is possible. From this level, it is possible to continue the upward movement with the target at 1.4180 - resistance line (yellow bold line).

Exchange Rates 14.06.2021 analysis

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.4103 (closing of last Friday's daily candlestick) may continue to move downward with the target of 1.4062 - the support line (yellow dashed line). After testing this line, it is possible to start moving upward with the target of 1.4093 - the 76.4% retracement level (blue dashed line) is possible. From this level, it is possible to continue the upward movement with the target at 1.4180 - resistance line (yellow bold line).

Alternative scenario: from the level of 1.4103 (closing of last Friday's daily candlestick), it may start moving upward with the target at 1.4142 - the 85.4% retracement level (blue dashed line). From this level, upward movement is possible with the target of 1.4247 - the upper fractal (daily candlestick from 06/01/2021).

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

Stefan Doll,
Analytical expert
InstaForex Group © 2007-2021
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