Indicator analysis: Daily review of GBP/USD on May 26, 2023
May 26, 2023 8:23 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.2317 (closing of yesterday’s daily candle) with the target of 1.2361, the 14.6% pullback level (red dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2393, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – up;
Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.2317 (closing of yesterday’s daily candle) with the target of 1.2361, the 14.6% pullback level (red dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2393, the 23.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2317 (closing of yesterday’s daily candle) with the target of 1.2361, the 14.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2307, the lower fractal (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The market may move upward from the level of 1.2317 (closing of yesterday’s daily candle) with the target of 1.2361, the 14.6% pullback level (red dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2393, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.2317 (closing of yesterday’s daily candle) with the target of 1.2361, the 14.6% pullback level (red dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2393, the 23.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2317 (closing of yesterday’s daily candle) with the target of 1.2361, the 14.6% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2307, the lower fractal (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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