Indicator analysis: Daily review of GBP/USD on May 2, 2023
May 2, 2023 9:24 am
Trend analysis (Fig. 1).
The market may move downward from the level of 1.2492 (closing of yesterday’s daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – up;
Bollinger bands – up;
Weekly chart – down.
General conclusion:
Today, the price may move downward from the level of 1.2492 (closing of yesterday’s daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
Alternatively, the price may move downward from the level of 1.2492 (closing of yesterday’s daily candle) to test 1.2444, the 50.0% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow 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 1.2492 (closing of yesterday’s daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.2492 (closing of yesterday’s daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
Alternatively, the price may move downward from the level of 1.2492 (closing of yesterday’s daily candle) to test 1.2444, the 50.0% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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