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Old 08-06-2018, 06:36
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

GBP/USD Technical Analysis: June 7, 2018

Yesterday, the British pound rose significantly after breaking the level of 1.34. It seems that there are signs of continuing the current trend. There is a massive support found at 1.33, at least in the short-term, which has been an important level more than once.

The British currency shows signs of strength a bit of a relief given the uptrend. The initial target would be above the level of 1.35 but if it can break higher then there is a chance for the price to reach 1.3650. Short-term pullbacks would offer a lot buying opportunities below and it seems that the market is trying to turn around for short-term. There are speculation of dollar shortage because of global liquidity that makes it unstable to be considered for long-term. Yet for short-term, it seems that buyers are leading the trend.

If it successfully turns around then we could break the level below 1.33 to test the level of 1.3250 and potentially reach 1.30. Choppiness would still be a problem that makes it ideal to trade in small positions. Then, once the market adjusted to how we want it to be, we can increase our trades. If the price break above 1.3650, this would be highly bullish and allows the price to further move. In the given rate, I am looking for a “buy-and-hold” strategy. For now, we can expect volatility at the very least in the next few days. The market will probably continue to give emphasis on short-term trades.
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Daily Market Analysis by ForexMart-gbpusd07.png  
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