FX.co ★ Indicator analysis: Daily review of GBP/USD on May 24, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move down from 1.2584 (close of yesterday's daily candle) to the target of 1.2533, the 14.6% retracement level (yellow dotted line). When testing this level, the price may move upward to the upper fractal 1.2600 (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move down from the level of 1.2584 (close of yesterday's daily candle) to the target of 1.2533, the 14.6% retracement level (yellow dotted line). When testing this level, the price may move upward to the upper fractal 1.2600 (yellow dotted line).

Alternative scenario: from the level of 1.2584 (close of yesterday's daily candle), the price may move downward with the target of 1.2494, the 23.6% retracement level (yellow dotted line). When testing this level, the price may move upward to the upper fractal 1.2600 (yellow dotted line).