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19.04.202112:16 Forex Analysis & Reviews: Technical analysis for GBP/USD pair for the week of April 19-24, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Trend analysis

This week, the price from the level of 1.3834 (closing of the last weekly candlestick) is expected to rise to the target of 1.3878 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, it may further increase to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. If this line is tested, the upward movement may continue to the target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.

Exchange Rates 19.04.2021 analysis

Fig. 1 (weekly chart).

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up
  • Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick.

The first upward target is set at 1.3878 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, the price may further move up to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. When this line is tested, the upward trend may extend to the next target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.

As an alternative, the price from the level of 1.3884 (closing of the last weekly candlestick) will decline to the target of 1.3665 (yellow dashed line) – a lower fractal. After testing this line, the price may rise again to the target 1.3822 (blue bold line) – the resistance line of the descending channel.

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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