Indicator analysis. Daily review on GBP / USD for May 12, 2020

Trend analysis (Fig. 1).

Today, an upward pullback is possible from the support line 1.2288 (presented in a red bold line) with the first target at 1.2400 - a 38.2% retracement level (presented in a red dashed line). If this level is reached, the upward movement will continue with the next target at 1.2447 - a 50.0% pullback level (presented in a red dashed line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may move upward with a target at 1.2447 - a 50.0% pullback level (presented ina red dotted line).

Another possible scenario is a downward trend from 1.2337 - a 23.6% pullback level (presented in a red dashed line) with a target at the lower fractal 1.2247 (presented in a red dashed line).

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