FX.co ★ Indicator analysis: Daily review of GBP/USD on May 17, 2023

Trend analysis (Fig. 1).

The market may move downward from the level of 1.2483 (closing of yesterday's daily candle) to the 1.2453 support level (thick white line). In the case of testing this level, the price may move upwards with the target of 1.2545, the upper fractal (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.2483 (closing of yesterday's daily candle) to the 1.2453 support level (thick white line). In the case of testing this level, the price may move upwards with the target of 1.2545, the upper fractal (blue dotted line).

Alternatively, the price may move downward from the level of 1.2483 (closing of yesterday's daily candle) to 1.2422, the 76.4% pullback level (blue dotted line). In case of testing this level, the price may move up.