Indicator analysis. Daily review on GBP / USD for May 5, 2020

Relevance up to 23:00 2020-05-05 UTC--7

Trend analysis (Fig. 1).

Today, an upward pullback is possible from the level of 1.2443 (closing of yesterday's candle) with the target at 1.2496 - a 61.8% pullback level (presented in a red dotted line). In case of breaking this level upwards, the next target will be at 1.2555 - a 75.4% retracement level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may move upwards with the target of 1.2496 - a 61.8% retracement level (presented in a red dotted line). In case of breaking this level upwards, the next target will be at 1.2555 - a 75.4% retracement level (presented in a red dashed line).

Another possible but unlikely scenario is a bullish trend from the level of 1.2496 - a 61.8% retracement level (presented in a red dashed line) with a target at 1.2357 - a 23.6% retracement level (presented in a blue dashed line). If this level is broken downwards, the price may continue to move downwards with the target of 1.2176 - a 38.2% retracement level (presented in a blue dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Stefan Doll,
Analytical expert
InstaForex Group © 2007-2020

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