Indicator analysis. Daily review for GBP/USD on June 12, 2020

Trend analysis (Fig. 1).

On Friday, the pair is likely to continue moving down from the level of 1.2603 (the closing price of yesterday’s candlestick) with the target at the retracement level of 1.2532 – 38.2% (the red dotted line). Most likely, the price will continue falling from this level with the target at 1.2445, the pullback level of 50% (the red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

– indicator analysis – down;

– Fibonacci retracement levels – down;

– volumes – down;

– candlestick analysis – down;

– trend analysis – down;

– Bollinger Lines – down;

– weekly chart – down.

General conclusion:

Today, the pair is likely to continue moving down from the level of 1.2603 (the closing price of yesterday’s candlestick) with the target at the retracement level of 1.2532 – 38.2% (the red dotted line). Most likely, the price will continue falling from this level with the target at 1.2445, the pullback level of 50% (the red dashed line).

In the unlikely scenario, if the price drops and reaches the retracement level of 1.2532, 38.2% (the red dashed line), it may start rising with the target at the resistance level of 1.2640 (the red bold line).

Source: Indicator analysis. Daily review for GBP/USD on June 12, 2020

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