empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

23.07.202009:03 Forex Analysis & Reviews: Indicator analysis. Daily review on GBP / USD for July 23, 2020

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.

The pair traded downward on Wednesday and tested 1.2646 - a 23.6% pullback level (red dotted line) and then went up, almost closing at the opening point. Today the price is likely to continue its upward movement. Economic calendar news for the dollar is expected at 12:30 UTC.

Trend analysis (Fig. 1).

The market may begin to move upward from the level of 1.2735 (closing of yesterday's daily candle) with the target at the upper fractal 1.2768 (red dotted line). If this level is broken upwards, the next target will be at the succeeding upper fractal 1.2813 (blue dotted line).

Exchange Rates 23.07.2020 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today the price may begin to move upwards with the target at upper fractal 1.2768 (red dotted line). If this level is broken upwards, the next target will be at the succeeding upper fractal 1.2813 (blue dotted line).

Another possible scenario is a downward trend after reaching the upper fractal 1.2768 (red dotted line) with the target at 1.2693 - a 14.6% pullback level (red dotted line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off