12.05.202111:29 Forex Analysis & Reviews: Indicator analysis. Daily review for the GBP/USD pair on May 12, 2021

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Trend analysis (Fig. 1).

On Wednesday, the market from the level of 1.4138 (closing of yesterday's daily candlestick) will try to start moving down in order to reach the retracement level of 14.6%, 1.4092 (red dotted line). Once this level is tested, it is possible to continue working downwards with the target of 1.4047 - the retracement level of 23.6% (red dashed line). Upon reaching this level, the continuation of the upward movement is possible with the target of 1.4164 - the upper fractal (red dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

Indicator analysis - down;
Fibonacci levels - down;
Volumes - down;
Candlestick analysis - down;
Trend analysis - down;
Bollinger lines - down.

General conclusion:

Today, the price from the level of 1.4138 (closing of yesterday's daily candlestick) will try to start moving down in order to reach the retracement level of 14.6%, 1.4092 (red dotted line). Once this level is tested, it is possible to continue working downwards with the target of 1.4047 - the retracement level of 23.6% (red dashed line). Upon reaching this level, the continuation of the upward movement is possible with the target of 1.4164 - the upper fractal (red dotted line).

Alternative scenario: the price from the level of 1.4138 (closing of yesterday's daily candlestick) will try to start moving downwards in order to reach the retracement level of 14.6%, 1.4092 (red dotted line). Once this level is tested, it is possible to continue working upwards with the target at 1.4164 - the upper fractal (red dotted line). From this line, upward movement is possible, with the target of 1.4217 - the historical resistance level (blue dashed line).

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