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03.07.202010:12 Analysis and forecast for GBP/USD on June 3, 2020

Good day, dear traders!

At yesterday's trading, the GBP/USD currency pair suspended its two-day and fairly intensive growth. The reason for this was strong data on the US labor market, as well as market participants' concerns about the outbreak of the second wave of COVID-19.

You can learn more about positive employment statistics in the US labor market from reading today's review on euro/dollar. With respect to COVID-19, the number of infections with this virus in the world is close to 11 million people. At least 10 million 812 thousand infected with a new type of coronavirus infection were registered on the planet Earth as of yesterday evening. Thus, the US currency received support from two sides at once - strong labor reports for June and the demand for the dollar as a safe asset due to the continued spread of the coronavirus.

Daily

Exchange Rates 03.07.2020 analysis

As you can see, a reversal model of candle analysis appeared on the daily chart yesterday, which can be classified as a "tombstone". Usually, after the appearance of such candles, the quote turns to decline, however, today is not an ordinary day. Let me remind you that in connection with the celebration of Independence Day, financial markets in the United States will be closed today, which naturally implies a thin market where any unexpected price movements are possible.

However, at the time of writing this article, the pound/dollar currency pair is declining, trading near 1.2443. Most likely, today's bidders will not ignore the "tombstone" candle signal, so the pair has every chance to continue its downward dynamics. In this case, the nearest target of bears for the pound will be the important technical level of 1.2400, directly under which the Tenkan line of the Ichimoku indicator passes. I do not exclude that it is around this significant mark that the warring parties will fight for the closing price of the day and the entire trading week.

Bullish sentiment will return only after updating yesterday's highs at 1.2528 and closing above this mark. However, it will be extremely difficult for players to do this for an increase in the rate. Just above yesterday's highs is the Kijun line, and above it is another strong resistance from sellers at 1.2540.

So, judging by the daily timeframe, the GBP/USD currency pair has good downward prospects, which implies searching for points to open short positions.

H1

Exchange Rates 03.07.2020 analysis

At the end of the article, the decline became more intense, which is evident from the current fairly large bearish candle. If you go to the trading recommendations, the preference, in my opinion, is for sales. I suggest waiting for the breakdown of the 89 and 200 exponential moving averages after fixing the price below them, on the rollback to 1.2429-1.2433 (89 EMA and 200 EMA), consider opening short positions with the nearest goal near 1.2400.

If the pair turns up from the current prices (1.2452), rises to the area of 1.2500-1.2540 and draws reversal patterns of Japanese candles there, this will also be a signal to open sales with the nearest target near 1.2465.

Given the reversal pattern of Japanese candles "tombstone", which appeared yesterday on the daily chart, I recommend that you refrain from buying for the time being. In my opinion, it is better to buy from the depth, at lower prices, when the corresponding signals appear or after a true breakdown of the sellers' resistance at 1.2540. We will analyze the technical picture of GBP/USD in more detail on Monday, after the closing of today's and weekly trading.

Have a nice weekend!

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

Uitgevoerd door Ivan Aleksandrov,
Analytische expert
InstaForex Group © 2007-2020
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