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Indicator analysis: Daily review of GBP/USD for December 27, 2021

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Trend analysis (Fig. 1).

The market may move up on Monday from the level of 1.3396 (closing of Friday’s daily candle) to the target level of 1.3436, the upper fractal (red dotted line). Upon reaching this level, the price may continue to move upward to the target level of 1.3500, the 50.0% retracement level (yellow dotted line).

Fig. 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:

The price may move up from the level of 1.3396 (closing of Friday’s daily candle) to the target level of 1.3436, the upper fractal (red dotted line). Upon reaching this level, the price may continue to move upward to the target level of 1.3500, the 50.0% retracement level (yellow dotted line).

Alternative scenario: from the level of 1.3396 (closing of Friday’s daily candle), the price may move down to the target level of 1.3333, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may start moving up.

The material has been provided by InstaForex Company – www.instaforex.com

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