FX.co ★ 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).