FX.co ★ Indicator analysis: Daily review of GBP/USD on May 2, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move up from the level of 1.2570 (close of Friday's daily candle) to the target at 1.2619, the 23.6% retracement level (red dotted line). When testing this level, the price may continue to move upward with the target of 1.2748, the 38.2% retracement level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Bollinger bands – up;
• Weekly – chart up.

Today, the price may move up from the level of 1.2570 (close of Friday's daily candle) to the target at 1.2619, the 23.6% retracement level (red dotted line). When testing this level, the price may continue to move upward with the target of 1.2748, the 38.2% retracement level (red dotted line).

Alternative scenario: from the level of 1.2570 (close of Friday's daily candle), the price may move downward with the target of 1.2538, the 14.6% retracement level (red dotted line). From this level, an upward movement is possible.