FX.co ★ Indicator Analysis. Daily review for the GBP/USD currency pair 02/05/21

Yesterday, the pair moved down, tested the support line of 1.3565 (the red bold line) and then went up, testing the pullback level of 76.4% (the yellow dotted line), closing the daily candle at 1.3667. Today, the price may continue to go down according to the economic calendar news, it is expected at 13.30 UTC (pound) and at 13.30 UTC (dollar).

Trend analysis (Fig. 1).

Today, the market will try to start moving down from the level of 1.3667 (the closing of yesterday's daily candle) with the target of 1.3573 at the support line (the red bold line). When this line is reached, the price can start moving up with a target of 1.3676 - a pullback level of 76.4% (yellow dotted line).

Figure 1 (daily chart).

Comprehensive Analysis:

- Indicator Analysis – down

- Fibonacci Levels – down

- Volumes – down

- Candle Analysis – down

- Trend Analysis – up

- Bollinger Bands – up

- Weekly Chart – down

General Conclusion:

Today, the price will try to start moving down from the level of 1.3667 (the closing of yesterday's daily candle) with the target of 1.3573 at the support line (the red bold line). When this line is reached, the price can start moving up with a target of 1.3676 – a pullback level of 76.4% (yellow dotted line).

Alternative scenario: from the level of 1.3667 (the closing of yesterday's daily candle), it will try to start moving down with the target of 1.3573 at the support line (the red bold line). When this line is reached, the price may continue to go downwards with the target of 1.3481 at the historical support level (blue dotted line).