FX.co ★ Daily indicator analysis for GBP/USD, May 11

Trend analysis (fig. 1).

On Wednesday, the pair may try to grow from the level of 1.2311 (the closing of yesterday's daily candlestick) to the Fibonacci retracement level of 38.2%, 1.2403 (yellow dotted line). If the pair breaks above this level, it could approach the target level of 1.2447, which is the Fibonacci retracement level of 50.0% (red dotted line).

Fig. 1 (daily chart).

Complex analysis:

• indicator analysis - up;
• Fibonacci retracement levels – up;
• trading volumes – up;-
• candlestick analysis – up;
• trend analysis – up;
• weekly chart–up;
• Bollinger bands – up.

Conclusion:

Today, the pair may try to grow from the level of 1.2311 (the closing of yesterday's daily candlestick) to the Fibonacci retracement level of 38.2% or 1.2403 (yellow dotted line). If the pair breaks above this level, it could approach the target level of 1.2447, which is the Fibonacci retracement level of 50.0% (red dotted line).

Alternatively, the price may climb from the level of 1.2311 (the closing of yesterday's daily candlestick) to the Fibonacci retracement level of 23.6% or 1.2248 (yellow dotted line). If the pair breaks through this level, it is likely to retreat to 1.2260 (red dotted line) and then resume growth.