Cable was off to a positive start on Monday as the currency GBPUSD pair is trading at its highest level since 24 May. What next can trades expect? OctaFX shared their 4 June GBPUSD Technical Analysis.
4 June, OctaFX – The British pound has started to recover upside momentum against the US dollar, with sterling now trading well above the key 1.3300 resistance level.
The GBPUSD currently trades around the 1.3360 level, with the pair increasingly bullish while price holds above the 1.3340 level. Traders now look to the release of the United Kingdom Construction PMI this morning, and US Factory Orders later today.
4 June GBPUSD Technical Analysis
- The GBPUSD pair is bullish while trading below the 1.3300 level, key resistance is now located at the 1.3400 and 1.3450 levels.
- If the GBPUSD pair falls below the 1.3340 level, we may see sellers once again testing towards the 1.3300 support level.
This article about 4 June GBPUSD Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.