FX.co ★ Indicator Analysis. Daily review for the GBP/USD currency pair 03/05/21

Trend Analysis (Fig. 1).

Today, the market will try to continue moving down from the level of 1.3899 (the closing of yesterday's daily candle) with a target of 1.3815 – a pullback level of 14.6% (the red dotted line). When this line is reached, the price can start moving up with a target of 1.3943 – a pullback level of 85.4% (yellow dotted line). Much will depend on the news that comes out at 13.30 UTC.

Figure 1 (daily chart).

Comprehensive Analysis:

- Indicator Analysis – down

- Fibonacci Levels – down

- Volumes – down

- Candle Analysis – down

- Trend Analysis – down

- Bollinger Bands – down

- Weekly Chart – down

General Conclusion:

Today, the price will try to continue moving down from the level of 1.3899 (the closing of yesterday's daily candle) with the target of 1.3815 – a pullback level of 14.6% (the red dotted line). When this line is reached, the price can start moving up with a target of 1.3943 – a pullback level of 85.4% (yellow dotted line). Much will depend on the news that comes out at 13.30 UTC.

Alternative scenario: from the level of 1.3899 (the closing of yesterday's daily candle), it will try to continue moving down with the target of 1.3815 – a pullback level of 14.6% (the red dotted line). When this line is reached, the price may continue to move down with the target of 1.3758 at the support line (the red bold line). When this line is reached, the price will continue to move up with a target of 1.3943 – a pullback level of 85.4% (yellow dotted line).