Indicator analysis: Daily review of GBP/USD on May 30, 2023
May 30, 2023 9:22 amVideo
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Trend analysis (Fig. 1).
The market may move downward from the level of 1.2350 (closing of yesterday’s daily candle) to test 1.2307, the lower fractal (red dotted line). Upon testing this level, the price may rise to 1.2360, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.2350 (closing of yesterday’s daily candle) to test 1.2307, the lower fractal (red dotted line). Upon testing this level, the price may rise to 1.2360, the 14.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2350 (closing of yesterday’s daily candle) to test 1.2213, the historical support level (blue dotted line). Upon testing this level, the price may rise to 1.2360, the 14.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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