FX.co ★ GBP/USD: Indicator analysis on May 31, 2023

Trend analysis (Fig. 1)

On Wednesday, the pair will likely go down from 1.2407 (the close price of yesterday's daily candlestick) to the 14.6% retracement level of 1.2360 (the red dotted line). If it tests this mark, growth will extend to the 38.2% retracement level of 1.2448 (the red dotted line).

Fig. 1 (Daily chart)

Complex analysis:

• indicator analysis - down
• Fibonacci levels - down
• volumes - down
• candlestick analysis - down
• trend analysis - down
• weekly chart - down
• Bollinger bands – down

Final thoughts:

Today, the pair will likely go down from 1.2407 (the close price of yesterday's daily candlestick) to the 14.6% retracement level of 1.2360 (the red dotted line). If it tests this mark, growth will extend to the 38.2% retracement level of 1.2448 (the red dotted line).

Alternatively, GBP/USD may fall from 1.2407 (the close price of yesterday's daily candlestick) to the lower fractal at 1.2306 (the red dotted line). If the price tests this mark, we may see a bullish continuation.