Indicator analysis. Daily review on GBP / USD for May 7, 2020

Relevance up to 00:00 2020-05-08 UTC--7

Trend analysis (Fig. 1).

Today, an upward pullback is possible from the level of 1.2436 (closing of yesterday's candle) with a target at 1.2447 - a 50% pullback level (presented in a red dotted line). If this level is reached, the upward movement is likely to continue with a target at 1.2495 - a 61.8% retracement level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may move upward with a target at 1.2495 - a 61.8% retracement level (presented in a red dashed line).

Another possible scenario is a bearish trend from the level of 1.2400 - a 38.2% pullback level (presented in a red dashed line) with a target at 1.2258, located at the lower border of the Bollinger line indicator (presented in a blue dashed line curve).

*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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