For Traders

Analytical Reviews

Technical analysis

29.05.202010:03 Forex Analysis & Reviews: Indicator analysis. Daily review on GBP / USD for May 29, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pair traded upwards on Thursday but once again failed to break through 1.2360 - a 50% pullback level (presented in a blue dotted line). Today, the price will again try to test this level and if successful, a downward pullback is possible. Economic calendar news for the dollar is expected at 15:00 UTC.

Trend analysis (Fig. 1).

Today, an upward trend is possible from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2360 - a 50.0% retracement level (presented in a blue dashed line). Upon reaching this level, a downward pullback is possible with the target of 1.2298 - a 23.6% retracement level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - neutral;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may move upwards from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2360 - a 50.0% retracement level (presented in a blue dashed line). Upon reaching this level, a downward pullback is possible with the target of 1.2298 - a 23.6% retracement level (presented in a red dashed line).

Another possible scenario is a continuous upward trend upon breaking through 1.2360 - a 50.0% rollback level (presented in a blue dashed line).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.