FX.co ★ Indicator analysis. Daily review for GBP/USD pair on May 5, 2021

Trend analysis (Fig. 1)

Today, the price from the level of 1.3883 (closing of yesterday's daily candle) will attempt to start rising in order to reach the level of 1.3944 – the pullback level of 85.4% (yellow dotted line). If this line is tested, the upward movement may continue to the target of 1.3975 – the upper fractal (daily candle from 04/29/2021). After reaching this level, the price may further rise to the target of 1.4014 – the pullback level of 61.8% (blue dotted line).

Fig. 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 1.3883 (closing of yesterday's daily candle) will attempt to start increasing to be able to reach the level of 1.3944 – the pullback level of 85.4%(yellow dotted line). If this line is tested, the upward trend may extend to the target of 1.3975 – the upper fractal (daily candle from 04/29/2021). After reaching it, further growth can be expected to the next target of 1.4014 – the pullback level of 61.8% (blue dotted line).

Alternatively, the price from the level of 1.3883 (closing of yesterday's daily candle) may continue declining in order to reach the support line of 1.3814 (red bold line). After reaching this line, it can rise to the target of 1.3911 – the upper fractal (daily candle from 04/05/2021) and move from this line.