empty
 
 
en
Support
Instant account opening
Trading Platform
Deposit/Withdraw

06.05.202413:55 Forex Analysis & Reviews: Technical analysis of GBP/USD for week on May 6-11

Trend-following analysis

This week, from 1.2542, the closing level of the last weekly candle, GBP/USD may continue to move upward with a target of 1.2665, the retracement level of 61.8% plotted by the yellow dotted line. Once this level is reached, the price will most likely continue to move upward with a target of 1.2690, a retracement level of 23.6% plotted by the blue dotted line.

Exchange Rates 06.05.2024 analysis

Complex analysis

Indicator analysis – up

Fibonacci levels – up

Trading volume – up

Candlestick analysis – up

Trend-following analysis – down

Bollinger bands – down

One-month chart – up

Conclusion of complex analysis: upward move

The result of evaluating the GBP/USD pair's candlestick on the weekly chart: this week, the instrument will most likely follow an uptrend, suggested by the absence of the first lower shadow of the weekly white candle (Monday - up) and the absence of the second upper shadow (Friday - up).

From 1.2542, the closing level of the last weekly candle, the price may continue to move upward with a target of 1.2665, the retracement level of 61.8% plotted by the yellow dotted line. After this level is reached, the instrument will most likely continue to move upward with a target of 1.2690, a retracement level of 23.6% plotted by the blue dotted line.

According to an alternative scenario, from 1.2542, the closing level of the last weekly candle, GBP/USD may begin to move upward with a target of 1.2665, the retracement level of 61.8% plotted by the yellow dotted line. Once this level is reached, the price may pull back down with a target of 1.2594, the 50% retracement level represented by the yellow dotted line.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

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