FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on May 17, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.4095 (closing of last Friday's daily candlestick) may start moving down with the target of 1.4047 - the 23.6% retracement level (red dotted line). After testing this level, the upward work is possible with the target of 1.4095 - the 76.4% retracement level (blue dashed line).

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.4095 (closing of last Friday's daily candlestick) may start moving down with the target of 1.4047 - the 23.6% retracement level (red dotted line). After testing this level, the upward work is possible with the target of 1.4095 - the 76.4% retracement level (blue dashed line).

Alternative scenario: from the level of 1.4095 (closing of last Friday's daily candlestick), it may start moving upwards with the target at 1.4164 - the upper fractal (red dashed line).