Relevance up to 09:00 2022-07-12 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.2030 (close of Friday's daily candle) to the target of 1.1918, the lower fractal (daily candle from 07/08/2022). After testing this level, an upward movement is possible with the target of 1.1982, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2048, the 38.2% retracement level (red dotted line). From this level, a downward pullback is possible.
Fig. 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 may move downward from the level of 1.2030 (close of Friday's daily candle) to the target of 1.1918, the lower fractal (daily candle from 07/08/2022). After testing this level, an upward movement is possible with the target of 1.1982, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2048, the 38.2% retracement level (red dotted line). From this level, a downward pullback is possible.
Alternative scenario: from the level of 1.2030 (close of the Friday daily candle), the price may move downward with the target of 1.1875, the lower fractal (daily candle from 07/06/2022). Upon reaching this level, an upward movement is possible with the target of 1.1941, the 14.6% retracement level (red dotted line).
Read more: https://www.instaforex.eu/forex_analysis/315782
