FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on April 29, 2021

Trend analysis (Fig. 1).

On Thursday, the market from the level of 1.3933 (the closing of yesterday's daily candlestick) may continue to move upward with the target of 1.4014 - the 61.8% retracement level (blue dotted line). After testing this line, it is likely to continue to move upward, with the target of 1.4095 - the 76.4% retracement level (blue dashed line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - up;
• Fibonacci levels - up;
• Volumes - up;
• Candlestick analysis - down;
• Trend analysis - up;
• Bollinger lines - up;
• Weekly chart - up.

General conclusion:

Today, the price from the level of 1.3933 (the closing of yesterday's daily candlestick) may start moving upwards with the target of 1.4014 - the 61.8% retracement level (blue dashed line). After testing this line, it is likely to continue to move upward, with the target of 1.4095 - the 76.4% retracement level (blue dashed line).

Unlikely scenario: from the level of 1.3933 (the closing of yesterday's daily candlestick), the price may continue to move upward with the target of 1.4007 - the upper fractal (daily candlestick from 04/20/2021). After testing this level, it is possible that it will start moving downwards, with the target of 1.3905 - 8 EMA (blue thin line).