Indicator analysis: Daily review of GBP/USD on May 12, 2023
May 12, 2023 8:26 amVideo
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Trend analysis (Fig. 1).
The market may move upward from the level of 1.2507 (closing of yesterday’s daily candle) with the target of 1.2582, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2550, the 38.2% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.2507 (closing of yesterday’s daily candle) with the target of 1.2582, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2550, the 38.2% pullback level (blue dotted line).
Alternatively, the price may move upward from the level of 1.2507 (closing of yesterday’s daily candle) with the target of 1.2550, the 38.2% pullback level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2471, the 61.8% pullback level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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