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24.01.2023 10:00 AM
Indicator analysis: Daily review of GBP/USD on January 24, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2374 (closing of yesterday's daily candle) to the upper fractal at 1.2445 (red dotted line). When testing this level, continued upward movement is possible to the 1.2471 historical resistance level (blue dotted line).

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Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis - up;
  • Volumes - up;
  • Candlestick analysis - up;
  • Trend analysis - up;
  • Bollinger bands - up;
  • Weekly chart - up.

General conclusion:

Today, the price may move upward from the level of 1.2374 (closing of yesterday's daily candle) to the upper fractal at 1.2445 (red dotted line). When testing this level, continued upward movement is possible to the 1.2471 historical resistance level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2374 (closing of yesterday's daily candle) to the upper fractal at 1.2445 (red dotted line). When testing this level, a downward movement is possible to 1.2356, the 14.6% retracement level (red dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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