empty
 
 
23.03.2021 09:24 AM
Indicator analysis. Daily review of GBP/USD on March 23, 2021

Trend analysis (fig. 1).

On Tuesday, the price is trying to extend its downward movement from 1.3856 (the closing level of yesterday's daily candlestick) to 1.3762, the support line of the upward channel (the red bold line). If the price tests this level, it may go up to the 1.3944 target, the 85.4% retracement level (the yellow dotted line).

This image is no longer relevant

Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - downtrend

- Fibonacci levels analysis - downtrend

- volume analysis - downtrend

- candlestick analysis - downtrend

- trend analysis - downtrend

- Bollinger bands analysis - downtrend

- weekly chart analysis - downtrend

Conclusion:

Today, the price is trying to extend its downward movement from 1.3856 (the closing level of yesterday's daily candlestick) to 1.3762, the support line of the upward channel (the red bold line). If the price tests this level, it is likely to go up to the 1.3944 target, the 85.4% retracement level (the yellow dotted line).

Alternatively, the price may try to extend its downward movement from 1.3856 (the closing level of yesterday's daily candlestick) to 1.3762, the support line of the upward channel (the red bold line). If the price tests this level, it may go down to the 1.3691 target, the lower border of the Bollinger bands indicator (the black dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback