Indicator analysis. Daily review for the GBP/USD currency pair on 04/01/2021

Trend analysis (Figure 1).

Today, from the level of 1.3658 (the closing of last Thursday's daily candle), the market can continue to move up with a target of 1.3943 which is a pullback level of 85.4% (yellow dotted line). After testing this line, continue to work up with the target of 1.4376 which is the upper fractal (yellow dotted line) and is the daily candle from 17/04/2018.

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Figure 1 (daily chart).

Comprehensive Analysis:

  • Indicator Analysis – up
  • Fibonacci Levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – up
  • Weekly Chart – up

General Conclusion:

Today, the price can continue to move up with a target of 1.3801 which is the upper limit of the Bollinger Line indicator (black dotted line). After testing this line, continue to work up with the target of 1.3943 which is a pullback level of 85.4% (yellow dotted line). The final goal of the week is to work up with a target of 1.4376 which is the upper fractal (yellow dotted line) and the daily candle from 17/04/2018.

Alternative Scenario: From the level of 1.3658 (the closing of last Thursday's daily candle), the upward movement may continue with the target of 1.3675 which is a pullback level of 76.4% (yellow dotted line). From this level, work downwards with a target of 1.3462 -21 average EMA (black thin line).

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