GBPUSD Forex forecast for June 01 – 05, 2020

Here are our GBPUSD forecasts for the first week of June – 01 -05.

We are shifting from daily forecasts to weekly forecasts.

This is a follow up to yesterday’s communication of changes I am making on the site in order to provide you with better content.

We will have one article a week and we are adding currency pairs.

Those who are subscribed to my mailing list will continue to receive daily forecasts based on the daily time frame.

Key GBPUSD Price levels this week.

Weekly pivot – 1.22986.

Resistance levels; 1.23878, 1.24429, 1.24821, 1.25320, 1.26212, 1.26763, 1.27654.

Support levels; 1.22095, 1.21544, 1.21152, 1.20652, 1.19761, 1.19210, 1.18318

On normal trading days, price tends to stick around the first four support and resistance levels.

But, once in a while fundamentals cause spikes that drive price to the last three levels.

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GBPUSD forecast for June 01 – 05, 2020

GBPUSD-Forecast-June-01-05 -2020
Chart of the GBPUSD forecast for June 01 – 05, 2020

We are bullish, price just tested 1.25320 resistance level.

Swings often fail at this level.

Continued strength will see price go all the way to 1.27654

Alternative scenario

Selling strength will draw price to 1.22986 – the weekly pivot.

And most likely find buyers at 1.22095 support level.

Final remarks.

Trade according to your strategy but keep an eye on these levels.

Signup for my newsletter for price levels for daily trading.

Till next week.

Trade responsibly.

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