Forex: Possible Scenarios For GBP/USD. Is British Pound's Performance Surprising To Anybody?| FXMAG.COM

Relevance up to 07:00 2022-07-13 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 1.1887 (close of yesterday's daily candle) to the support level of the descending channel 1.1795 (bold red line). When testing this level, the price may move up to 1.1923, the 14.6% retracement level (red dotted line). From this level, continued upward movement is possible.

Fig. 1 (daily chart).

Comprehensive analysis:
Indicator analysis – down;
Fibonacci levels – down;
Volumes – up;
Candlestick analysis – down;
Trend analysis – down;
Bollinger bands – down;
Weekly chart – down.

General conclusion:

Today, the price may move downward from the level of 1.1887 (close of yesterday's daily candle) to the support level of the descending channel 1.1795 (bold red line). When testing this level, the price may move up to 1.1923, the 14.6% retracement level (red dotted line). From this level, continued upward movement is possible.

Alternative scenario: from the level of 1.1887 (close of yesterday's daily candle), the price may move downward to the support level of the descending channel 1.1795 (bold red line). When testing this level, the price may continue to move downward to 1.1640, the 161.8% Fibonacci retracement level (blue dotted line). From this level, an upward movement is possible.

InstaForex Analysis

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