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13.05.2021 11:46 AM
Indicator analysis. Daily review for the GBP/USD pair on May 13, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.4051 (closing of yesterday's daily candlestick) may continue to move upward with the target of 1.4095 - the 76.4% retracement level (blue dotted line). After testing this level, it is possible to continue working upwards with the target at 1.4164 - the upper fractal (red dotted line).

This image is no longer relevant

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - up;
  • Fibonacci levels - up;
  • Volumes - up;
  • Candlestick analysis - up;
  • Trend analysis - up;
  • Bollinger lines - up;
  • Weekly chart - up.

General conclusion:

Today, the price from the level of 1.4051 (closing of yesterday's daily candlestick) may continue to move upward with the target of 1.4095 - the 76.4% retracement level (blue dotted line). After testing this level, it is possible to continue working upwards with the target at 1.4164 - the upper fractal (red dotted line).

Unlikely scenario: from the level of 1.4051 (closing of yesterday's daily candlestick), a downward movement may begin with the target of 1.3974 - the 38.2% retracement level (red dotted line). Upon testing this level, it is possible to start working upwards with the target of 1.4014 - the 61.8% retracement level (blue dashed line).

Stefan Doll,
Analytical expert of InstaForex
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