Indicator analysis: Daily review of GBP/USD on May 29, 2023
May 29, 2023 9:22 am
Trend analysis (Fig. 1).
The market may move upward from the level of 1.2344 (closing of Friday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). Upon reaching this level, the price may continue to rise with the target of 1.2448, the 38.2% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – down;
Bollinger bands – down;
Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.2344 (closing of Friday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). Upon reaching this level, the price may continue to rise with the target of 1.2448, the 38.2% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2344 (closing of Friday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). When this level is reached, the price may move downward with the target of 1.2361, the 14.6% pullback level (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 1.2344 (closing of Friday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). Upon reaching this level, the price may continue to rise with the target of 1.2448, the 38.2% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.2344 (closing of Friday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). Upon reaching this level, the price may continue to rise with the target of 1.2448, the 38.2% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2344 (closing of Friday’s daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). When this level is reached, the price may move downward with the target of 1.2361, the 14.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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