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Jun 03 - 07:55 AM

GBP/USD - COMMENT-GBP/USD Usually Climbs In June

By Martin Miller  —  Jun 03 - 06:10 AM

History suggests the pound usually gains against the dollar in June.
FX traders should focus on key technical and fundamental factors that will likely dominate GBP/USD and potentially help it stick with its positive seasonal trend.

A study of GBP/USD performance for each June since 2000 shows it has risen in 14 of the last 22 years.
Seasonality should not be considered in isolation, but it's a useful tool when combined with other factors.

Cable found support at May's 1.2156 low, which was ahead of the 1.2083 Fibonacci level, a 76.4% retrace of the 1.1413 to 1.4250 (2020 to 2021) rise.
If there is a weekly close above the 1.2650 Fibo, a 23.6% retrace of the 1.4250 to 1.2156 (2021 to 2022) setback, that would increase the scope for much bigger gains.

Sterling remains well off its May lows having rebounded.
In May the Bank of England raised interest rates to their highest level since 2009, as inflation soared to a four-decade high amid warnings that Britain risks a recession. nL1N2XN13A.
Related dollar comment nL1N2XP0GQ

For more click on FXBUZ


Weekly Chart: Click here

GBP/USD's June Seasonality Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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