empty
 
 

01.09.202109:58 Forex Analyse & Reviews: Indicator analysis. Daily review of GBP/USD for September 1, 2021

The pair traded upward on Tuesday and tested the resistance at 1.3800 (blue dotted line), then the pair went down, closing the daily candle at 1.3751. Today, the upward movement may resume. Based on the economic calendar, news is expected at 08:30 UTC (pound), and at 12:15, 14:00, 14:30 UTC (dollar).

Trend analysis (Fig. 1).

The market may continue to move downward from the level of 1.3751 (closing of yesterday's daily candle) with the target at 1.3728 - the 38.2% retracement level (yellow dashed line). In the case of testing this level, an upward pullback is possible with the target of 1.3790 - the 50.0% retracement level (blue dashed line).

Exchange Rates 01.09.2021 analysis

Fig. 1 (Daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Weekly chart - up;

- Bollinger lines - down.

General conclusion:

Today, the price may continue to move downward from the level of 1.3751 (closing of yesterday's daily candlestick) with the target at 1.3728 - the 38.2% retracement level (yellow dashed line). In the case of testing this level, an upward pullback is possible with the target of 1.3790 - the 50.0% retracement level (blue dashed line).

Alternative scenario: the price may begin to move downward from the level of 1.3751 (closing of yesterday's daily candle) with the target at 1.3703 - the 50.0% retracement level (yellow dashed line). A test of this level may form an upward pullback.

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

Stefan Doll,
Analytical expert of InstaForex
© 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Kan u nu niet praten?
Stel uw vraag in de chat.