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MT5.com - Indicator analysis. Daily review on GBP / USD for September 16, 2020

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Forex Analysis:::2020-09-16

Indicator analysis. Daily review on GBP / USD for September 16, 2020

The pair traded upward on Tuesday and tested the resistance level 1.2936 (red bold line). Today, the price may continue to move upward. Based on the economic calendar, dollar news is expected at 12:30, 14:30, 18:00, and 18:30 UTC.

Trend analysis (Fig. 1).

The market may continue to move upward from the level of 1.2890 (closing of yesterday's daily candlestick) with the target at the resistance level 1.2947 (red bold line). In case of testing this line, the upward trend may continue with the next target of 1.3019 - a 76.4% pullback level (blue dashed line).

analytics5f61d241eceb2.jpg

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today, the price may continue to move upward from the level of 1.2890 (closing of yesterday's daily candlestick) with the target at the resistance level 1.2947 (red bold line). In case of testing this line, the upward trend may continue with the next target of 1.3019 - a 76.4% pullback level (blue dashed line).

Another possible scenario is an upward trend from the level of 1.2890 (closing of yesterday's daily candlestick) with the target at the resistance level 1.2947 (red bold line). In the case of testing this line, the price may begin to move downward with the target of 1.2866 - a 50.0% pullback level (red dotted line).

Stefan Doll
Analyst InstaForex
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