FX.co ★ GBP/USD: weekly technical analysis for May 23 to May 28

Trend analysis

This week, the price is likely to move up from 1.2529 – the closing level of the weekly candlestick – to the 23.6% retracement level of 1.2648 (yellow dotted line). After the quote has reached this level, the target will stand at the 38.2% retracement level of 1.2763 (red dotted line). Should the pair touch this mark, a pullback will occur.

Fig. 1 (weekly chart)

Comprehensive analysis:

- indicator analysis - up

- Fibonacci levels - up

- volumes - up

- candlestick analysis - up

- trend analysis - up

- Bollinger bands – up

- monthly chart - up

Based on comprehensive analysis, an uptrend is likely.

Analysis of the candlestick on the weekly chart: there is a high possibility of an upward move this week, with the white weekly candlestick without lower and upper shadows.

The price is likely to move up from 1.2529 – the closing level of the weekly candlestick – to the 23.6% retracement level of 1.2648 (yellow dotted line). After the quote has reached this level, the target will stand at the 38.2% retracement level of 1.2763 (red dotted line). Should the pair touch this mark, a pullback will occur.

Alternatively, the quote could rise from 1.2529 – the closing level of the weekly candlestick – to the 23.6% retracement level of 1.2648 (yellow dotted line). As soon as the mark is reached, there could be a fall to the 38.2% retracement level of 1.2382 (blue dotted line). Should the price touch this barrier, the upward move will resume to the 23.6% retracement level of 1.2529 (red dotted line).