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09.12.2022 10:15 AM
Indicator analysis: Daily review of GBP/USD on December 9, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2234 (closing of yesterday's daily candle) to the upper fractal at 1.2343 (yellow dotted line). Upon reaching this level, a downward movement is possible to 1.2213, the historical support level (blue dotted line). Upon reaching this level, the price may move up.

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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 upward from the level of 1.2234 (closing of yesterday's daily candle) to the upper fractal at 1.2343 (yellow dotted line). Upon reaching this level, a downward movement is possible to 1.2213, the historical support level (blue dotted line). Upon reaching this level, the price may move up.

Alternatively, the price may move upward from the level of 1.2234 (closing of yesterday's daily candle) to the 1.2430 resistance level (thick blue line). Upon reaching this level, a downward pullback is possible.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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