Indicator analysis. Daily review on GBP/USD for Apr 24, 2020

Trend analysis (Fig. 1).

Today, the upward pullback of the pair is likely to continue towards the lower fractal 1.2247 (presented in a red dashed line) with the first target of 1.2399 – a 38.2% retracement level (presented in a red dashed line). In case of breaking this level up, the price may continue to move upward with the target of 1.2447 – a 50.0% rollback level (presented in a red dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

– Indicator analysis – up;

– Fibonacci levels – up;

– Volumes – up;

– Candlestick analysis – down;

– Trend analysis – up;

– Bollinger Lines – up;

– Weekly schedule – up.

General conclusion:

Today, the price may continue to move downward with the target at the lower fractal 1.2247 (presented in a red dashed line). In case of breaking through this level, the price may begin to move upward with the first target of 1.2399 – a 38.2% retracement level (presented in a red dashed line).

Another possible scenario is a bearish trend from the lower fractal 1.2247 (presented in a red dashed line) with the target of 1.2176 – a 38.2% retracement level (presented in a blue dashed line). If this level is broken down, the price may continue to move downward with the target of 1.2031 – a 50.0% rollback level (presented in a blue dashed line). This scenario is only possible with negative news for the pound.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Indicator analysis. Daily review on GBP / USD for April 24, 2020