FX.co ★ Indicator analysis: Daily review of GBP/USD on May 3, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.2462 (closing of yesterday's daily candle) to 1.2491, the 38.2% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible with the target of 1.2583, the upper fractal (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - up;
• Fibonacci levels - up;
• Volumes - up;
• Candlestick analysis - down;
• Trend analysis - up;
• Weekly chart - down;
• Bollinger Bands - up.

General conclusion:

Today, the price may move upward from the level of 1.2462 (closing of yesterday's daily candle) to 1.2491, the 38.2% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible with the target of 1.2583, the upper fractal (blue dotted line).

Alternatively, the price may move upward from the level of 1.2462 (closing of yesterday's daily candle) to 1.2491, the 38.2% pullback level (blue dotted line). In the case of testing this level, the price may move downward with the target of 1.2435, the 61.8% pullback level (blue dotted line).