FX.co ★ Indicator analysis: Daily review of GBP/USD on May 10, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move up from the level of 1.2327 (close of yesterday's daily candle) to the target of 1.2411, the 14.6% retracement level (red dotted line). When testing this level, the price may continue to move upward with the target of 1.2503, 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;
• Bollinger bands – up;
• Weekly chart – up.

General conclusion:

Today, the price may move up from the level of 1.2327 (close of yesterday's daily candle) to the target of 1.2411, the 14.6% retracement level (red dotted line). When testing this level, the price may continue to move upward with the target of 1.2503, the 23.6% retracement level (red dotted line).

Alternative scenario: from the level of 1.2327 (close of yesterday's daily candle), the price may move down to the lower fractal 1.2260 (red dotted line). When testing this level, the price may continue to move down to the support at 1.2085 (thick blue line). When testing this level, the price may move up.