Indicator analysis. Daily review on GBP / USD for April 24, 2020

Trend analysis (Fig. 1).

Today, the upward pullback of the pair is likely to continue towards the lower fractal 1.2247 (presented in a red dashed line) with the first target of 1.2399 - a 38.2% retracement level (presented in a red dashed line). In case of breaking this level up, the price may continue to move upward with the target of 1.2447 - a 50.0% rollback 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 - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may continue to move downward with the target at the lower fractal 1.2247 (presented in a red dashed line). In case of breaking through this level, the price may begin to move upward with the first target of 1.2399 - a 38.2% retracement level (presented in a red dashed line).

Another possible scenario is a bearish trend from the lower fractal 1.2247 (presented in a red dashed line) with the target of 1.2176 - a 38.2% retracement level (presented in a blue dashed line). If this level is broken down, the price may continue to move downward with the target of 1.2031 - a 50.0% rollback level (presented in a blue dashed line). This scenario is only possible with negative news for the pound.

The material has been provided by InstaForex Company - www.instaforex.com