Indicator analysis for GBP/USD, April 5, 2021

Trend analysis (pic. 1).

On Monday, from the level of 1.3823 (the closing of Friday's daily candlestick) the pair may continue to decrease to the target level of 1.3763, which is the support line of the ascending channel (red bold line). When testing this line, the pair may rebound to the level of 1.3801, the retreatment level of 23.6% (blue dotted line). If so, it may grow to 1.3882, the retracement level of 38.2% (blue dotted line).

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Pic. 1 (daily chart).

Complex analysis:

Indicator-analysis- down;

- Fibonacci levels – down;

- volumes – down;

- candle analysis – down;

- trend analysis – down;

- Bollinger bands – down;

- weekly chart - down.

Conclusion:

Today, from the level of 1.3823 (the closing of Friday's daily candlestick), the pair may continue to decline to the target of 1.3763, the support line of the ascending channel red bold line). When testing this line, it may rebound to 1.3801, which is the retracement level of 23.6% (blue dotted line). If so, it may well climb to 1.3882, the retracement level of 38.2% (blue dotted line).

Unlikely scenario: from the level of 1.3823 (the closing of Friday's daily candlestick), the pair may advance to 1.3882, the retreatment level of 38.2% (blue dotted line). When testing this level, it may rise to the target level of 1.3947, the pullback level of 50.0% (blue dotted line).

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

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