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GBPUSD 8 Jun 2023

GBPUSD 8 Jun 2023 on the H1 timeframe, it looks like the pair has finally managed to break out of the kumo cloud on the ichimoku indicator. Having experienced a brief bullish run, the pair is now likely to bearish. This is reinforced by the position of the tenkan-sen which fell below the kijun-sen, as well as the occurrence of overbought on the stochastic indicator. For this reason, go-short could be an option for scalpers. On the other hand, if the pair bounces after touching S1 and continues to strengthen towards R1, then go-long could be an option.

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