FX.co ★ Indicator analysis: Daily review of GBP/USD on May 19, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.2404 (closing of yesterday's daily candle) with the target of 1.2460, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2422, the 76.4% 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 upward from the level of 1.2404 (closing of yesterday's daily candle) with the target of 1.2460, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2422, the 76.4% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2404 (closing of yesterday's daily candle) with the target of 1.2343, the lower fractal (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2432, the 14.6% pullback level (red dotted line).