FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on May 3, 2021

Trend analysis (Fig. 1).

On Monday, the market from the level of 1.3812 (the closing of last Friday's daily candlestick) may continue to move down with the target of 1.3793 - the support line of the ascending channel (red bold line). After testing this line, it is possible to turn up with a target of 1.3948 - the 50.0% retracement level (blue dotted line). And upon reaching this line, it is possible to move up with the target of 1.4413 - the 50.0% retracement level (blue dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - up;
• Trend analysis - up;
• Bollinger bands - down;
• Weekly chart - down.

General conclusion:

Today, the price from the level of 1.3812 (the closing of last Friday's daily candlestick) is likely to continue to move down with the target of 1.3793 - the support line of the ascending channel (red bold line). After testing this line, it is possible to turn up with a target of 1.3948 - the 50.0% retracement level (blue dotted line). And upon reaching this line, it is possible to move up with the target of 1.4413 - the 50.0% retracement level (blue dotted line).

Unlikely scenario: from the level of 1.3812 (the closing of last Friday daily candlestick), the pair may continue to move down with the target of 1.3793 - the support line of the ascending channel (red bold line). After testing this line, the downward movement may continue with the target of 1.3707 - the support line (blue bold line). After reaching this line, it is possible to move up with the target of 1.3800 – the 23.6% retracement level (blue dotted line).