The GBP/USDr Pair Can Move Towards A Higher Level| FXMAG.COM

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.1585 (close of Friday's daily candle) to the target of 1.1588, the 23.6% retracement level (yellow dotted line). After testing this level, continued upward movement is possible with the target of 1.1743, the 38.2% retracement level (blue dotted line). Upon reaching this level, the price may move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move upward from the level of 1.1585 (close of Friday's daily candle) to the target of 1.1588, the 23.6% retracement level (yellow dotted line). After testing this level, continued upward movement is possible with the target of 1.1743, the 38.2% retracement level (blue dotted line). Upon reaching this level, the price may move up.

Alternative scenario: from the level of 1.1585 (close of Friday's daily candle), the price may move upward with the target of 1.1643, the 21-period EMA (thin black line). After testing this level, continued upward move is possible with the target of 1.1743, the 38.2% retracement level (blue dotted line).

Relevance up to 08:00 2022-09-13 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.

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