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FX.co ★ Indicator analysis. Daily review for the GBP/USD pair on April 21, 2021

Indicator analysis. Daily review for the GBP/USD pair on April 21, 2021

Trend analysis (Fig. 1).

On Wednesday, the market from the level of 1.3935 (closing of yesterday's daily candlestick) will try to continue moving downward in order to reach the 38.2% retracement level - 1.3881 (blue dotted line). In case of testing this level, it is possible to continue working upwards with the target of 1.4014 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it may continue working upward with the target of 1.4096 - the 76.4% retracement level (blue dashed line).

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Indicator analysis. Daily review for the GBP/USD pair on April 21, 2021

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - down;
  • Fibonacci levels - down;
  • Volumes - down;
  • Candlestick analysis - down;
  • Trend analysis - up;
  • Bollinger lines - up;
  • Weekly chart - up.

General conclusion:

Today, the price from the level of 1.3935 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the 38.2% retracement level - 1.3881 (blue dotted line). In case of testing this level, it is possible to continue the upward movement with the target of 1.4014 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it may continue working upward with the target of 1.4096 - the 76.4% retracement level (blue dashed line).

Unlikely scenario: the price from the level of 1.3935 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.4014 - the 61.8% retracement level (blue dashed line). Upon reaching this line, it may continue moving upward with the target of 1.4096 - the 76.4% retracement level (blue dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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