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31.05.202309:52 Forex Analysis & Reviews: GBP/USD: Indicator analysis on May 31, 2023

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Trend analysis (Fig. 1)

On Wednesday, the pair will likely go down from 1.2407 (the close price of yesterday's daily candlestick) to the 14.6% retracement level of 1.2360 (the red dotted line). If it tests this mark, growth will extend to the 38.2% retracement level of 1.2448 (the red dotted line).

Exchange Rates 31.05.2023 analysis

Fig. 1 (Daily chart)

Complex analysis:

  • indicator analysis - down
  • Fibonacci levels - down
  • volumes - down
  • candlestick analysis - down
  • trend analysis - down
  • weekly chart - down
  • Bollinger bands – down

Final thoughts:

Today, the pair will likely go down from 1.2407 (the close price of yesterday's daily candlestick) to the 14.6% retracement level of 1.2360 (the red dotted line). If it tests this mark, growth will extend to the 38.2% retracement level of 1.2448 (the red dotted line).

Alternatively, GBP/USD may fall from 1.2407 (the close price of yesterday's daily candlestick) to the lower fractal at 1.2306 (the red dotted line). If the price tests this mark, we may see a bullish continuation.

Stefan Doll
Analytical expert of InstaForex
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