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17.01.202209:38 Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD for January 17, 2022

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Trend analysis (Fig. 1).

The market may move down on Monday from the level of 1.3673 (closing of Friday's daily candle) to the target level of 1.3610, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move up to the target level of 1.3747, the upper fractal (red dotted line).

Exchange Rates 17.01.2022 analysis

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger bands - up;

- Weekly chart - down.

General conclusion:

The price may move down from the level of 1.3673 (closing of Friday's daily candle) to the target level of 1.3610, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move up to the target level of 1.3747, the upper fractal (red dotted line).

Alternative scenario: from the level of 1.3673 (closing of Friday's daily candle), the price may start to move up to the target level of 1.3747, the upper fractal (red dotted line). Upon reaching this level, the price may continue to move higher to the target level of 1.3800, the historical resistance level (blue dotted line).

Stefan Doll
Analytical expert of InstaForex
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