Daily Forex Market Analysis - June 8
- Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities
- 08.06.2021 10:00 am Forex
Watch the video for a summary of today’s news releases, a review of the USD Index, and a complete Top Down Analysis of the GBPUSD.
GBPUSD Monthly:
Monthly support at 1.3514, resistance at 1.4229 and 1.4242.
Over the last 4 months price has been testing and holding at 1.4229 monthly resistance. Last week price retested 1.4229 and 1.4242 monthly resistance and sold off.
GBPUSD Weekly:
Weekly support at 1.4009 and 1.3669, resistance at 1.4242.
Price last week tested 1.4242 weekly/monthly resistance and formed a negative spinning top. Price breaking below last week’s low would start to confirm a reversal and a double top on this time frame.
