Indicator analysis. Daily review for the GBP/USD currency pair on January 20, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3629 (closing of yesterday's daily candle) will try to continue moving up in order to reach the upper fractal of 1.3708 (red dotted line) - the daily candle from 01/14/2021. In case of testing this level, further upward movement is possible with the target of 1.3811 - the upper limit of the Bollinger Line indicator (black dotted line).

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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 1.3629 (closing of yesterday's daily candle) will try to continue moving up in order to reach the upper fractal of 1.3708 (red dotted line) - the daily candle from 1/14/2021. In case of testing this level, further upward movement is possible with the target of 1.3811 - the upper limit of the Bollinger Line indicator (black dotted line).

Unlikely scenario: the price from the level of 1.3629 (closing of yesterday's daily candle) will try to continue moving up in order to reach the upper fractal of 1.3708 (red dotted line) - the daily candle from 1/14/2021. In case of testing this level, further downward movement is possible with the target of 1.3599 - 13 average EMA (yellow thin line).

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

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