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24.06.2022 09:50 AM
Indicator analysis: Daily review of GBP/USD on June 24, 2022

Trend analysis (Fig. 1).

The market may move upward from 1.2258 (close of yesterday's daily candle) to the target of 1.2384, the 61.8% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.2492, the 76.4% retracement level (red dotted line). Upon reaching this level, a downward pullback is possible.

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Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis – up;
  • Fibonacci levels – up;
  • Volumes – up;
  • Candlestick analysis – down;
  • Trend analysis – up;
  • Bollinger bands – up;
  • Weekly chart – up.
General conclusion :

Today the price may move upward from 1.2258 (close of yesterday's daily candle) to the target of 1.2384, the 61.8% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.2492, the 76.4% retracement level (red dotted line). Upon reaching this level, a downward pullback is possible.

Alternative scenario: from the level of 1.2258 (close of yesterday's daily candle), the price may move upward to the upper fractal at 1.2323 (daily candle from 06/21/2022). After testing this level, a downward pullback is possible with the target of 1.2223, the 38.2% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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