empty
 
 
22.05.2020 09:28 AM
Indicator analysis. Daily review on GBP / USD for May 22, 202

The pair traded upward on Thursday after testing 1.2186 - a 50.0% pullback level (presented in a red dashed line) then closed the daylight candle 37 points higher. Today, the price may either try to break down the pullback level of 50% or will move upwards from the level of 1.2186. Nothing is expected for the economic calendar news.

Trend analysis (Fig. 1).

Today, a downward trend is possible from the level of 1.2230 (closing of yesterday's candle) with the target of 1.2186 - a 50.0% pullback level (presented in a red dashed line). If this level is reached, an upward pullback is possible with the target at the upper fractal 1.2296 (presented in a red dashed line).

This image is no longer relevant

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger Lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may move downwards with the target of 1.2186 - a 50.0% pullback level (presented in a red dashed line). If this level is reached, an upward pullback is possible with the target at the upper fractal 1.2296 (presented in a red dashed line).

Another possible scenario is an upward trend from 1.2160 - a 61.8% retracement level (presented in a red dashed line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback