05.01.202109:25 Forex Analysis & Reviews: Indicator Analysis. Daily review for the GBP/USD currency pair 01/05/21

Yesterday, the pair went up and tested the upper fractal of 1.3685 (daily candle from 31.12.2020), but then, working out the news, the price went down, testing the 8 average EMA of 1.3544 (blue thin line). Today, the upward movement will perhaps continue according to the economic calendar news, it is expected at 15.00 UTC (dollar).

Trend Analysis (Figure 1).

Today, the market will start going down from the level of 103.78 (closing of yesterday's daily candle) with the target of 103.66 at the pullback level of 76.4% (red dotted line). When testing this line, it will continue to go down with the next target of 103.33 at the historical support level (blue dotted line).

Figure 1 (daily chart).

Comprehensive Analysis:

• Indicator Analysis - down
• Fibonacci Levels - down
• Volumes - down
• Candle Analysis - down
• Trend Analysis - down
• Bollinger Bands - down
• Weekly Chart - down

General Conclusion:

Today, the market will start going down from the level of 103.78 (closing of yesterday's daily candle) with the target of 103.66 at the pullback level of 76.4% (red dotted line). When testing this line, it will continue to go down with the next target of 103.33 at the historical support level (blue dotted line).

Unlikely scenario: after going down and testing the pullback level of 76.4% 103.66 (red dotted line), an upward movement may begin with the target of 103.95 at the pullback level of 38.2% (yellow dotted line).