Indicator analysis: Daily review of GBP/USD on May 10, 2023
May 10, 2023 8:24 am
Trend analysis (Fig. 1).
The market may move downward from the level of 1.2616 (closing of yesterday’s daily candle) to 1.2582, the historical support level (blue dotted line). In the case of testing this level, the price may move upwards with the target of 1.2667, the upper fractal (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Fibonacci levels – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – up;
Weekly chart – down;
Bollinger Bands – up.
General conclusion:
Today, the price may move downward from the level of 1.2616 (closing of yesterday’s daily candle) to 1.2582, the historical support level (blue dotted line). In the case of testing this level, the price may move upwards with the target of 1.2667, the upper fractal (blue dotted line).
Alternatively, the price may move downward from the level of 1.2616 (closing of yesterday’s daily candle) to 1.2543, the 38.2% pullback level (blue dotted line). In the case of testing this level, the price may move upwards with the target of 1.2667, the upper fractal (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The market may move downward from the level of 1.2616 (closing of yesterday’s daily candle) to 1.2582, the historical support level (blue dotted line). In the case of testing this level, the price may move upwards with the target of 1.2667, the upper fractal (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.2616 (closing of yesterday’s daily candle) to 1.2582, the historical support level (blue dotted line). In the case of testing this level, the price may move upwards with the target of 1.2667, the upper fractal (blue dotted line).
Alternatively, the price may move downward from the level of 1.2616 (closing of yesterday’s daily candle) to 1.2543, the 38.2% pullback level (blue dotted line). In the case of testing this level, the price may move upwards with the target of 1.2667, the upper fractal (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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