Indicator analysis. Daily review on GBP / USD for May 4, 2020

Trend analysis (Fig. 1).

Today, a continuation of the downward trend is possible from the level of 1.2499 (closing of Friday candle) with the target of 1.2357 - a 23.6% retracement level (presented in a blue dotted line). In case of breaking this level downwards, the downward movement may continue with the target of 1.2177 - a 38.2% retracement level (presented in a blue dashed line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - down.

General conclusion:

Today, the price may continue to move downward with the target of 1.2357 - a 23.6% retracement level (presented in a blue dotted line).

Another possible scenario is a bullish trend from the level of 1.2357 - a 23.6% retracement level (presented in a blue dashed line) with the target at the resistance line 1.2522 (presented in a red bold line). In case of breaking this level upwards, the continuation of the upward movement is possible with the target at the upper fractal 1.2643 (presented in a blue dashed line).

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