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FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on May 7, 2021

Indicator analysis. Daily review for the GBP/USD pair on May 7, 2021

Trend analysis (Fig. 1).

On Friday, the market from the level of 1.3886 (closing of yesterday's daily candlestick) will try to start moving upwards with the target of 1.3948 - the 50% retracement level (blue dotted line). After this level is reached, the price may continue to move upwards with the target of 1.3975 - the upper fractal (daily candle from 04/29/2021). And if so, it will continue to work upward with the target of 1.4014 - the 61.8% retracement level (blue dashed line).

Indicator analysis. Daily review for the GBP/USD pair on May 7, 2021

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3886 (closing of yesterday's daily candlestick) will try to start moving upwards with the target of 1.3948 - the 50% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target of 1.3975 - the upper fractal (daily candlestick from 04/29/2021).

Unlikely scenario: from the level of 1.3941 (closing of yesterday's daily candle), it will try to continue moving downwards with the target at 1.3835 - the support line (red bold line). And once this level is reached, the price may start moving upwards with the target of 1.3882 - the 38.2% retracement level (blue dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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