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FX.co ★ Indicator analysis: Daily review of GBP/USD on June 20, 2022

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Forex Analysis:::2022-06-20T07:59:24

Indicator analysis: Daily review of GBP/USD on June 20, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from 1.2217 (close of Friday's daily candle) to the target of 1.2298, the 50% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2385, the 61.8% retracement level (red dotted line).

Indicator analysis: Daily review of GBP/USD on June 20, 2022

Fig. 1 (daily chart).

Comprehensive analysis:

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

Today the price may move upward from 1.2217 (close of Friday's daily candle) to the target of 1.2298, the 50% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2385, the 61.8% retracement level (red dotted line).

Alternative scenario: from the level of 1.2217 (close of Friday's daily candle), the price may move down with the target of 1.2112, the 61.8% retracement level (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2212, the 38.2% retracement level (red dotted line).
Analyst InstaForex
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