FX.co ★ Indicator analysis: Daily review of GBP/USD on May 9, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.2614 (closing of yesterday's daily candle) to test 1.2543, the 38.2% pullback level (blue dotted line). Upon testing this level, the price may move upward to 1.2582, the historical resistance level (blue 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 1.2614 (closing of yesterday's daily candle) to test 1.2543, the 38.2% pullback level (blue dotted line). Upon testing this level, the price may move upward to 1.2582, the historical resistance level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2614 (closing of yesterday's daily candle) to test 1.2591, the 23.6% pullback level (blue dotted line). Upon testing this level, the price may move upward to 1.2667, the upper fractal (blue dotted line).