FX.co ★ Indicator analysis: Daily review of GBP/USD on May 29, 2023

Trend analysis (Fig. 1).

The market may move upward from the level of 1.2344 (closing of Friday's daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). Upon reaching this level, the price may continue to rise with the target of 1.2448, the 38.2% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.2344 (closing of Friday's daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). Upon reaching this level, the price may continue to rise with the target of 1.2448, the 38.2% pullback level (red dotted line).

Alternatively, the price may move upward from the level of 1.2344 (closing of Friday's daily candle) with the target of 1.2394, the 23.6% pullback level (red dotted line). When this level is reached, the price may move downward with the target of 1.2361, the 14.6% pullback level (red dotted line).