Indicator analysis. Daily review on the GBP/USD currency pair for November 23, 2020

Trend analysis (Fig. 1).

Today, the market may continue to move upward from the level of 1.3280 (closing of last Friday's daily candlestick) with the target of 1.3322 - the resistance line (white bold line). When testing this line, upward movement should be continued with the goal of 1.3436 – the target level of 161.8% (blue dotted line).

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Figure 1 (Daily chart).

Comprehensive analysis:

  • Indicator analysis - up;
  • Fibonacci levels - up;
  • Volumes - up;
  • Candlestick analysis - down;
  • Trend analysis - up;
  • Bollinger bands - up;
  • Weekly chart - up.

General conclusion:

Today, the price may continue to move upward with the target of 1.3322 - the resistance line (white bold line). When testing this line, upward movement should be continued with the goal of 1.3436 – the target level of 161.8% (blue dotted line).

Alternative scenario: from the level of 1.3280 (closing of last Friday's daily candlestick), the price may continue to move up with the target of 1.3322 - the resistance line (white bold line). When testing this line, work downward with the goal of 1.3234 - a 14.6% pullback level (red dotted line).

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