FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on May 27, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.4115 (closing of yesterday's daily candlestick) may continue to move down with the target of 1.4099 - a 23.6% retracement level (red dotted line). Upon testing this level, it is possible to start working upward with the target at 1.4145 - the 85.4% retracement level (blue dashed line). And then, after reaching this level, the upward movement may continue with the target of 1.4232 - the upper fractal (red dotted line).

Figure 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 1.4115 (closing of yesterday's daily candlestick) may continue to move down with the target of 1.4099 - a 23.6% retracement level (red dotted line). Upon testing this level, it is possible to start working upward with the target at 1.4145 - the 85.4% retracement level (blue dashed line). And then, after reaching this level, the upward movement may continue with the target of 1.4232 - the upper fractal (red dotted line).

Unlikely scenario: from the level of 1.4115 (closing of yesterday's daily candlestick), it may continue to move downward with the target of 1.4090 - 21 EMA (black thin line). Once this line is tested, it is possible to start working upwards with the target of 1.4145 - the 85.4% retracement level (blue dashed line).