FX.co ★ Technical analysis of GBP/USD for May 2022

Trend analysis GBP/USD will move up this May, from 1.2570 (the closing of the April monthly candle) to 1.2675, which is the 14.6% retracement level (red dotted line). Upon reaching it, the pair will move to the 23.6% retracement level at 1.2841 (red dotted line), then go downwards.

Fig. 1 (monthly chart)

comprehensive analysis:

Indicator analysis - uptrend Fibonacci levels - uptrend Volumes - uptrend Candlestick analysis - downtrend Trend analysis - uptrend Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend with no first lower shadow on the monthly white candle (the first week of the month is white) and a second upper shadow (the last week is black).

And throughout the month, the pair will climb from 1.2570 (the closing of the April monthly candle) to the 14.6% retracement level at 1.2675 (red dotted line), go further up to the 23.6% retracement level at 1.2841 (red dotted line) , then move downwards.

Alternatively, the pair could decrease from 1.2570 (the closing of the April monthly candle) to the lower fractal at 1.2410 (red dotted line), then bounce up to the 14.6% retracement level at 1.2675 (red dotted line).