07.04.202008:19 Indicator analysis. Daily review on GBP/USD for April 7, 2020

Trend analysis (Fig. 1).

Today, from the support line of 1.2166 (red bold line) the pair may begin to move up with the first target at the upper fractal 1.2485 (blue dashed line). Upon reaching this level, the continuation of the upward work is with the target of 1.2518 - a retracement level of 61.8% (red dashed line).

Exchange Rates 07.04.2020 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - neutral;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, an upward movement is possible with the target of 1.2518 - a retracement level of 61.8% (red dotted line).

An unlikely scenario: from line 21 of the middle EMA - 1.2309 (black thin line), work down with the target of 1.2096 - a retracement level of 38.2% (blue dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Stefan Doll,
Analytical expert
InstaForex Group © 2007-2020
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