Trading Conditions
Products
Tools
Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1516 (close of yesterday's daily candle) to the lower fractal 1.1432 (blue dotted line). When testing this level, an upward movement is possible to 1.1566, the 14.6% retracement level (blue dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.1643, the 23.6% retracement level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today the price may move downward from the level of 1.1516 (close of yesterday's daily candle) to the lower fractal 1.1432 (blue dotted line). When testing this level, an upward movement is possible to 1.1566, the 14.6% retracement level (blue dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.1643, the 23.6% retracement level (blue dotted line).
Alternative scenario: from the level of 1.1516 (close of yesterday's daily candle), the price may move downward to 1.1421, the historical support level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.1566, the 14.6% retracement level (blue dotted line).
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.