FX.co ★ Indicator analysis: Daily review of GBP/USD on May 8, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.2628 (closing of Friday's daily candle) with the target of 1.2739, the historical resistance level (blue dotted line). Upon reaching this level, the price may move downward with the target of 1.2651, 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;
• Bollinger bands - up;
• Weekly chart - up.

General conclusion:

Today, the price may move upward from the level of 1.2628 (closing of Friday's daily candle) with the target of 1.2739, the historical resistance level (blue dotted line). Upon reaching this level, the price may move downward with the target of 1.2651, the upper fractal (blue dotted line).

Alternatively, the price may move upward from the level of 1.2628 (closing of Friday's daily candle) with the target of 1.2651, the upper fractal (blue dotted line). From this level, a downward movement is possible with the target of 1.2578, the 23.6% pullback level (blue dotted line).