FX.co ★ Indicator analysis: Daily review of GBP/USD on May 24, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.2410 (closing of yesterday's daily candle) to 1.2500, the 38.2% pullback level (red dotted line). In case of testing this level, a downward movement is possible with the target of 1.2471, the 61.8% 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;
• Weekly chart - up;
• Bollinger bands - down.

General conclusion:

Today, the price may move upward from the level of 1.2410 (closing of yesterday's daily candle) to 1.2500, the 38.2% pullback level (red dotted line). In case of testing this level, a downward movement is possible with the target of 1.2471, the 61.8% pullback level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2410 (closing of yesterday's daily candle) to 1.2471, the 61.8% pullback level (blue dotted line). In case of testing this level, the price may move down.