GBPUSD Forex forecast for today – June 01, 2020

It’s June. Another month of opportunities. Welcome

Before we get to dissecting the charts, I am making a couple of changes to the site and the newsletter based on members feedback.

In the coming days or weeks, I will add the a currency pair to the forecasts.

Members subscribed to the newsletter will from today receive key price levels based on the daily pivots.

This is very rich for day traders. So, signup to the newsletter now.

Now, let’s get to work.

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 today.

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

Asia opened strong this week to test 1.23878 resistance level.

As the other markets open, a strong pound should see us test 1.24821 and 1.25320 resistance levels.

Alternative scenario

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

And most likely rest at 1.22095 support level.

Final remarks.

Most European banks are closed today in observance of Whit Monday.

This may impact liquidity, especially, in the overlapping London trading hours.

I would love to hear your thoughts on these forecasts – are they relevant or not?

Trade responsibly.

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