GBPUSD Daily Analysis – June 6, 2019

GBPUSD failed to break above 1.2747 resistance and stayed in the trading range between 1.2558 and 1.2747. As long as 1.2747 resistance holds, the price action in the trading range could be treated as consolidation for the downtrend from 1.3176, another fall towards 1.2500 could be expected after the consolidation. Only break above 1.2747 resistance would suggest that the downside movement had completed at 1.2558 already, then the following rally could take the price to 1.2850 area.

GBPUSD 4-hour chart