FX.co ★ Indicator analysis: Daily review of GBP/USD on May 4, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move up from the level of 1.2495 (close of yesterday's daily candle) to 1.2539, the 14.6% retracement level (red dotted line). In case of testing this level, the price may continue to move up with the target of 1.2619, the 23.6% retracement level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Weekly chart – up;
• Bollinger Bands – up.

General conclusion:

Today, the price may move up from the level of 1.2495 (close of yesterday's daily candle) to 1.2539, the 14.6% retracement level (red dotted line). In case of testing this level, the price may continue to move up with the target of 1.2619, the 23.6% retracement level (red dotted line).

Alternative scenario: from the level of 1.2495 (close of yesterday's daily candle), the price may move down to 1.2408, the 423.6% Fibonacci retracement level (yellow dotted line). In case of testing this level, the price may move up with the target of 1.2539, the 14.6% retracement level (red dotted line).