FX.co ★ Indicator analysis. Daily review of GBP/USD for May 31, 2021

Trend analysis (Fig. 1).

The market may begin to move upward from the level of 1.4185 (closing of Friday's daily candlestick) with the target of 1.4232 - the upper fractal (red dotted line). Upon testing this level, the upward trend may continue with the target of 1.4377 - the upper fractal (yellow dashed 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 may begin to move upward from the level of 1.4185 (closing of Friday's daily candlestick) with the target of 1.4232 - the upper fractal (red dotted line). Upon testing this level, the upward trend may continue with the target at 1.4377 - the upper fractal (yellow dashed line).

Unlikely scenario: from the level of 1.4185 (closing of Friday's daily candlestick), the price may continue to move downward with the target of 1.4098 - a 23.6% pullback level (red dotted line).