Indicator analysis. GBP/USD daily review on November 22, 2021

Trend analysis (Figure 1).

On Monday, the market from the closing level of Friday's daily candlestick 1.3440 may continue moving upward with the target of 1.3466, the pullback level of 23.6% (yellow dotted line). Upon reaching this level, the price will continue to move upwards with the target of 1.3537, the pullback level of 38.2% (yellow dotted line).

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Figure 1 (daily chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger bands - up;

- weekly chart - up.

Conclusion:

Today the price from Friday's daily candlestick closing level of 1.3440 may continue an upward movement with the target of 1.3466, the pullback level of 23.6% (yellow dashed line). Upon reaching this level, the price will continue to move upwards with the target of 1.3537, the pullback level of 38.2% (yellow dashed line).

Unlikely scenario: the price from the closing level of Friday's daily candle 1.3440 may start a downward movement with the target 1.3413, the lower fractal (daily candle from 19.11.2021). Once this level is reached, the price could start moving upwards with a target of 1.3466, the pullback level of 23.6% (yellow dashed line).

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

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