Indicator analysis. Daily review of GBP / USD on February 14, 2020

By | February 14, 2020
InstaForex
Indicator analysis

Relevance up to 00:00 2020-02-15 UTC–8

The pair continued to move upward yesterday and broke through the pullback level of 50.0% equivalent to 1.3041 (red dotted line). Today, strong calendar news for the dollar is expected at 13:30 UTC. A possible continuation of upward movement with the first target 1.3081, the retracement level of 61.8% (red dashed line).

Trend analysis (Fig. 1).

Today, from the pullback level of 50.0% which is equivalent to 1.3041 (red dashed line), it is possible to move upward with the target 1.3081, the retracement level of 61.8% (red dashed line). If this level is reached, there is a rollback down with the target 1.3007, the support line (red bold line).

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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 Lines – up;

– Weekly schedule – up.

General conclusion:

Today, the price may continue to move up.

An unlikely, but quite possible scenario is from a retracement level of 50% equivalent to 1.3041 (red dashed line), work down with a target of 1.3007, the support line (red bold line).

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

Performed by Stefan Doll,
Analytical expert
InstaForex Group © 2007-2020

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