Today June 3, 2024, GBPUSD Technical Analysis on H4 Chart

Happy Monday, dear traders! We hope you are all doing well. Today, we bring you a GBPUSD technical analysis. Let’s dive into the analysis without wasting any time.

Today June 3, 2024, GBPUSD Technical Analysis on H4 Chart

Today June 3, 2024, GBPUSD Technical Analysis on H4 Chart:

💸 The GBPUSD currency pair is currently in a critical position on the H4 (four-hour) chart. It has formed a rising channel pattern, with the price now testing the lower trendline of this channel. Traders are observing this situation closely as it presents significant potential for movement in either direction. The technical indicators are providing mixed signals, which adds to the uncertainty and necessitates considering two possible scenarios.

🔽 In the first scenario, if the price breaks below the support level at 1.2720 and breaches the trendline, this could signal a downward movement. Should this happen, the GBPUSD is likely to fall to the next support level at 1.2650. This scenario would indicate a bearish trend, suggesting that sellers have taken control of the market, pushing the price lower.

🔼 In the second scenario, if the price manages to rebound from the lower trendline, this would indicate a bullish reversal. In this case, the GBPUSD is expected to rise, potentially reaching the 1.2800 level. A successful rebound would suggest that buyers are stepping in, providing enough momentum to push the price higher within the rising channel.

Both scenarios present clear levels to watch for potential entry and exit points. For those considering trading this pair, it is crucial to monitor the price action closely around these key levels. The outcome will likely depend on broader market conditions and any fundamental news that might impact the GBPUSD.

Stay tuned to market updates and keep an eye on relevant news that could influence the GBPUSD pair. Trading requires careful analysis and risk management, so make sure to plan your trades accordingly.

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