Indicator analysis. Daily review on GBP/USD for May 11, 2020

Trend analysis (Fig. 1).

Today, a downward pullback is possible from the level of 1.2410 (closing of the Friday afternoon candle) with a target at the support line 1.2315 (presented in a white thick line). If this line is reached, an upward pullback is possible with a target of 1.2447 – a 50.0% pullback level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – down;

– Fibonacci levels – down;

– Volumes – up;

– Candlestick analysis – up;

– Trend analysis – up;

– Bollinger Lines – up;

– Weekly schedule – down.

General conclusion:

Today, the price may move downward with a target at the support line 1.2315 (presented in a white thick line). Upon reaching this level, an upward pullback is possible.

Another possible scenario is a bullish trend from 1.2400 – a 38.2% pullback level (presented in a red dashed line) with a target at 1.2495 – a 61.8% pullback level (presented in a red dashed line).

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Source:: Indicator analysis. Daily review on GBP / USD for May 11, 2020