Indicator Analysis. Daily review for the GBP/USD currency pair 01/19/21

Trend Analysis (Figure 1).

Today, the market will try to start moving up from the level of 1.3582 (the closing of yesterday's daily candle) with a target of 1.3676 at the retracement level of 76.4% (yellow dotted line). If this level is reached, it will go up with the target of 1.3702 at the upper fractal (red dotted line).

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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 will try to start moving up from the level of 1.3582 (the closing of yesterday's daily candle) with the target of 1.3676 at the retracement level of 76.4% (yellow dotted line). If this level is reached, it will go up with the target of 1.3702 at the upper fractal (red dotted line).

Unlikely scenario: when moving up and reaching the retracement level of 76.4% at 1.3672 (yellow dotted line), the price will try to continue moving down with the target of 1.3519 at the lower fractal (daily candle from 01/18/2021). If this level is reached, it will go down with the target of 1.3372 at the retracement level of 14.6% (red dotted line).

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

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