FX.co ★ Indicator analysis: Daily review of GBP/USD on May 2, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.2492 (closing of yesterday's daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - up;
• Bollinger bands - up;
• Weekly chart - down.

General conclusion:

Today, the price may move downward from the level of 1.2492 (closing of yesterday's daily candle) to test 1.2420, the 61.8% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).

Alternatively, the price may move downward from the level of 1.2492 (closing of yesterday's daily candle) to test 1.2444, the 50.0% pullback level (blue dotted line). Upon testing this level, an upward movement is possible to 1.2469, the 85.4% pullback level (yellow dotted line).