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Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on September 23, 2022
time 23.09.2022 10:00 AM
time Relevance up to, 24.09.2022 08:39 AM

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.1251 (close of yesterday's daily candle) to the target of 1.1334, the 23.6% retracement level (blue dotted line). After testing this level, continued upward movement is possible with the target of 1.1410, the 38.2% retracement level (blue dotted line). Upon reaching this level, the price may move down.

This image is no longer relevant

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move upward from the level of 1.1251 (close of yesterday's daily candle) to the target of 1.1334, the 23.6% retracement level (blue dotted line). After testing this level, continued upward movement is possible with the target of 1.1410, the 38.2% retracement level (blue dotted line). Upon reaching this level, the price may move down.

Alternative scenario: from the level of 1.1251 (close of yesterday's daily candle), the price may move downward to 1.1092, the lower border of the Bollinger band indicator (black dotted line), where an upward movement is possible with the target of 1.1210, the lower fractal (blue dotted line). Upon reaching this level, the price may continue to move up.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2023
GBPUSD
Great Britain Pound vs US Dollar
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