Indicator analysis. Daily review for the GBP/USD pair on May 27, 2021
May 27, 2021 9:20 am
Trend analysis (Fig. 1).
Today, the market from the level of 1.4115 (closing of yesterday’s daily candlestick) may continue to move down with the target of 1.4099 – a 23.6% retracement level (red dotted line). Upon testing this level, it is possible to start working upward with the target at 1.4145 – the 85.4% retracement level (blue dashed line). And then, after reaching this level, the upward movement may continue with the target of 1.4232 – the upper fractal (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger lines – up;
Weekly chart – up.
General conclusion:
Today, the price from the level of 1.4115 (closing of yesterday’s daily candlestick) may continue to move down with the target of 1.4099 – a 23.6% retracement level (red dotted line). Upon testing this level, it is possible to start working upward with the target at 1.4145 – the 85.4% retracement level (blue dashed line). And then, after reaching this level, the upward movement may continue with the target of 1.4232 – the upper fractal (red dotted line).
Unlikely scenario: from the level of 1.4115 (closing of yesterday’s daily candlestick), it may continue to move downward with the target of 1.4090 – 21 EMA (black thin line). Once this line is tested, it is possible to start working upwards with the target of 1.4145 – the 85.4% retracement level (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
Today, the market from the level of 1.4115 (closing of yesterday’s daily candlestick) may continue to move down with the target of 1.4099 – a 23.6% retracement level (red dotted line). Upon testing this level, it is possible to start working upward with the target at 1.4145 – the 85.4% retracement level (blue dashed line). And then, after reaching this level, the upward movement may continue with the target of 1.4232 – the upper fractal (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.4115 (closing of yesterday’s daily candlestick) may continue to move down with the target of 1.4099 – a 23.6% retracement level (red dotted line). Upon testing this level, it is possible to start working upward with the target at 1.4145 – the 85.4% retracement level (blue dashed line). And then, after reaching this level, the upward movement may continue with the target of 1.4232 – the upper fractal (red dotted line).
Unlikely scenario: from the level of 1.4115 (closing of yesterday’s daily candlestick), it may continue to move downward with the target of 1.4090 – 21 EMA (black thin line). Once this line is tested, it is possible to start working upwards with the target of 1.4145 – the 85.4% retracement level (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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