Relevance up to 08:00 2022-07-23 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 1.1998 (close of yesterday's daily candle) to the target of 1.1935, the 38.2% retracement level (blue dotted line). After testing this level, the price may rise with the target of 1.2044, the 50% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion:
Today, the price may move downward from the level of 1.1998 (close of yesterday's daily candle) to the target of 1.1935, the 38.2% retracement level (blue dotted line). After testing this level, the price may rise with the target of 1.2044, the 50% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Alternative scenario: from the level of 1.1998 (close of yesterday's daily candle), the price may move downward with the target of 1.1935, the 38.2% retracement level (blue dotted line). After testing this level, continued downward movement is possible with the target of 1.1903, the 50% retracement level (blue dotted line). Upon reaching this level, the price may move up.
Read more: https://www.instaforex.eu/forex_analysis/316901
