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Indicator analysis. Daily review of GBP/USD on March 16, 2020

Trend analysis (Fig. 1).

Today, it is possible to test the retracement level of 38.2% - 1.2571 (red dashed line), when moving upwards. Upon reaching this level, there is a possible continuation of the upward movement with the target of 1.2691, a pullback level of 50.0% (red dashed line).

analytics5e6f215e713b7.jpg

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - up;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may begin to move backward.

Unlikely scenario: from a pullback level of 23.6% - 1.2423 (red dashed line), work down with the target at the lower fractal 1.1950 (blue dashed line).

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