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31.01.2023 09:45 AM
Indicator analysis: Daily review of GBP/USD on January 31, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.2347 (closing of yesterday's daily candle) to test 1.2323, the 13-period EMA (thin yellow line). When testing this level, an upward movement is possible to 1.2446, the upper fractal (blue dotted line).

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Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis - up;
  • Volumes - up;
  • Candlestick analysis - up;
  • Trend analysis - up;
  • Bollinger bands - up;
  • Weekly chart - up.

General conclusion:

Today, the price may move downward from the level of 1.2347 (closing of yesterday's daily candle) to test 1.2323, the 13-period EMA (thin yellow line). When testing this level, an upward movement is possible to 1.2446, the upper fractal (blue dotted line).

Alternatively, the price may move downward from the level of 1.2347 (closing of yesterday's daily candle) to 1.2303, the 23.6% retracement level (blue dotted line). When testing this level, an upward movement is possible to 1.2446, the upper fractal (blue dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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