FX.co ★ Indicator analysis: Daily review of GBP/USD on May 4, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.2560 (closing of yesterday's daily candle) with the target at 1.2514, the upper fractal (blue dotted line). When testing this level, the price may move upward with the target of 1.2530, the 23.6% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.2560 (closing of yesterday's daily candle) with the target at 1.2514, the upper fractal (blue dotted line). When testing this level, the price may move upward with the target of 1.2530, the 23.6% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2560 (closing of yesterday's daily candle) with the target at 1.2514, the upper fractal (blue dotted line). When testing this level, an upward movement is possible with the target of 1.2622, the upper limit of the Bollinger Band indicator (black dotted line). From this level, the price may move down.