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Indicator analysis: Daily review of GBP/USD for January 6, 2021

Trend analysis (Fig. 1).

The market may move down on Thursday from the level of 1.3553 (closing of yesterday's daily candle) to the target level of 1.3495, the 23.6% retracement level (red dotted line). When testing this level, the downward movement may continue to the target level of 1.3432, the 38.2% retracement level (red dotted line).

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Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

The price may move down from the level of 1.3553 (closing of yesterday's daily candle) to the target level of 1.3495, the 23.6% retracement level (red dotted line). When testing this level, the downward movement may continue to the target level of 1.3432, the 38.2% retracement level (red dashed line).

Alternative scenario: from the level of 1.3553 (closing of yesterday's daily candle), the price may move down to the target level of 1.3495, the 23.6% retracement level (red dotted line). When testing this level, the price may move upward to the resistance level of 1.3592 (yellow bold line).

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

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