FX.co ★ Indicator analysis: Daily review of GBP/USD on May 30, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move up from 1.2626 (close of Friday's daily candle) to the target of 1.2760, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may move down with the target at the upper fractal 1.2666 (yellow dotted line). When testing this level, upward movement is possible.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move up from 1.2626 (close of Friday's daily candle) to the target of 1.2760, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may move down with the target at the upper fractal 1.2666 (yellow dotted line). When testing this level, upward movement is possible.

Alternative scenario: from the level of 1.2626 (close of Friday's daily candle), the price may move upward with the target at the upper fractal 1.2666 (yellow dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2591, the 14.6% retracement level (yellow dotted line). From this level, the price may move up.