Technical analysis of GBP/USD for April 24-29, 2023
April 24, 2023 9:26 am
Trend analysis
GBP/USD may start moving down this week, starting from the level of 1.2438 (closing of the last weekly candle) to 1.2260, which is the 38.2% retracement level (red dotted line). Upon reaching this price, the pair will resume an upward movement towards 1.2545, which is the upper fractal (red dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – downward
Fibonacci levels – downward
Volumes – downward
Candlestick analysis – downward
Trend analysis – upward
Bollinger bands – upward
Monthly chart – downward
All this points to a downward movement in GBP/USD.
Conclusion: The pair will most likely have a bearish trend, with no first upper shadow on the weekly black candle (Monday – downward) and a second lower shadow (Friday – upward).
So during the week, there will be a decline in pound from 1.2438 (closing of the last weekly candle) to the 38.2% retracement level at 1.2260 (red dotted line), followed by a rise to the upper fractal at 1.2545 (red dotted line).
Alternatively, the quote may go down from 1.2438 (closing of the last weekly candle) to the 50.0% retracement level at 1.2167 (red dotted line), and then bounce up to the historical resistance level at 1.2499 (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
GBP/USD may start moving down this week, starting from the level of 1.2438 (closing of the last weekly candle) to 1.2260, which is the 38.2% retracement level (red dotted line). Upon reaching this price, the pair will resume an upward movement towards 1.2545, which is the upper fractal (red dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – downward
Fibonacci levels – downward
Volumes – downward
Candlestick analysis – downward
Trend analysis – upward
Bollinger bands – upward
Monthly chart – downward
All this points to a downward movement in GBP/USD.
Conclusion: The pair will most likely have a bearish trend, with no first upper shadow on the weekly black candle (Monday – downward) and a second lower shadow (Friday – upward).
So during the week, there will be a decline in pound from 1.2438 (closing of the last weekly candle) to the 38.2% retracement level at 1.2260 (red dotted line), followed by a rise to the upper fractal at 1.2545 (red dotted line).
Alternatively, the quote may go down from 1.2438 (closing of the last weekly candle) to the 50.0% retracement level at 1.2167 (red dotted line), and then bounce up to the historical resistance level at 1.2499 (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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