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Indicator analysis. Daily review on GBP / USD for May 20, 2020

The pair traded upward on Tuesday and tested the support line 1.2269 (presented in a red bold line). Today, the price may continue to move up. Economic calendar news for the pound is expected at 13:30 UTC, and for the dollar at 14:30 and 18:00 UTC.

Trend analysis (Fig. 1).

Today, the upward trend is likely to continue from the level of 1.2252 (closing of yesterday's candle) with the target of 1.2293 - a 38.2% retracement level (presented in a red dotted line). If this level is reached, the upward movement is likely to continue with the next target of 1.2360 - a 50.0% pullback level (presented in a red dashed line).


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 upwards with the target of 1.2360 - a 50.0% pullback level (presented in a red dashed line).

Another possible scenario is a downward trend from the resistance line 1.2275 (presented in a red bold line) with the target at the lower fractal 1.2077 (presented in a red dashed line).

The material has been provided by InstaForex Company -