FX.co ★ Indicator analysis. Daily review on GBP / USD for May 29, 2020

The pair traded upwards on Thursday but once again failed to break through 1.2360 - a 50% pullback level (presented in a blue dotted line). Today, the price will again try to test this level and if successful, a downward pullback is possible. Economic calendar news for the dollar is expected at 15:00 UTC.

Trend analysis (Fig. 1).

Today, an upward trend is possible from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2360 - a 50.0% retracement level (presented in a blue dashed line). Upon reaching this level, a downward pullback is possible with the target of 1.2298 - a 23.6% retracement level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - neutral;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may move upwards from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2360 - a 50.0% retracement level (presented in a blue dashed line). Upon reaching this level, a downward pullback is possible with the target of 1.2298 - a 23.6% retracement level (presented in a red dashed line).

Another possible scenario is a continuous upward trend upon breaking through 1.2360 - a 50.0% rollback level (presented in a blue dashed line).