Indicator analysis. Daily review on the GBP/USD currency pair for December 16, 2020

Trend analysis (Figure 1).

Today, the market from the level of 1.3455 (closing of yesterday's daily candlestick) will try to continue moving up to reach the resistance line of 1.3499 (red bold line). If this level is tested, further upward movement with the target of 1.3538 is the upper fractal (blue dotted line) is possible.

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Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3455 (closing of yesterday's daily candlestick) will try to continue moving up to reach the resistance line of 1.3499 (red bold line). If this level is tested, further upward movement with the target of 1.3538 is the upper fractal (blue dotted line) is possible.

Alternative scenario: the price from the level of 1.3455 (closing of yesterday's daily candlestick) will try to continue moving up to reach the resistance line of 1.3499 (red bold line). In the case of testing this line, it is possible to work down with a target of 1.3411 pullback level of 14.6% (blue dotted line).

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