FX.co ★ Indicator analysis. Daily review on GBP / USD for May 21, 2020

The pair traded in the side channel on Wednesday and did not manage to break through 1.2293 - 38.2% pullback level (presented in a red dashed line). Today, the price may begin to move down. Economic calendar news for the pound is expected at 08:30 UTC, and for the dollar at 12:30, 14:00 and 18:30 UTC.

Trend analysis (Fig. 1).

Today, a downward trend is possible from the level of 1.2244 (closing of yesterday's candle) with the target of 1.2174 - a 38.2% pullback level (presented in a blue dotted line). If this level is reached, the downward movement may continue with the target at the lower fractal 1.2077 (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger Lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may move downwards with the target at the lower fractal 1.2077 (presented in a red dashed line).

Another possible scenario is an upward trend from 1.2172 - a 38.2% pullback level (presented in a blue dashed line) with the target of 1.2293 - a 38.2% pullback level (presented in a red dashed line).