empty
 
 
08.12.2020 09:50 AM
Indicator analysis. Daily review on the GBP/USD currency pair on December 8, 2020

Trend analysis (Fig. 1).

Today, from the level of 1.3381 (closing of yesterday's daily candlestick), the market will try to continue moving downward with the target of 1.3251 - the support line (red bold line). If this level is reached, it is possible to move upward with the target of 1.3290, which is the retracement level of 76.4% (red dotted line).

This image is no longer relevant

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - down
  • Fibonacci levels - down
  • Volumes - down
  • Candlestick analysis - down
  • Trend analysis - down
  • Bollinger bands - down
  • Weekly chart - down

General conclusion:

Today, from the level of 1.3381 (the closing of yesterday's daily candlestick), the price will try to continue moving downward with the target of 1.3251 - the support line (red bold line). If this level is reached, it is possible to move upward with the target of 1.3290, which is the retracement level of 76.4% (red dotted line).

Unlikely scenario: A downward movement with a target of 1.3333 - 23.6% pullback level (blue dotted line). If this level is reached, an upward movement is possible with the target of 1.3361 - an 85.4% pullback level (red 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