Indicator analysis. Daily review for the GBP/USD currency pair 10/16/20

Trading 16 oct 2020 Donner votre avis

Trend analysis (Fig. 1).

Today, the market from the level of 1.2911 (closing of yesterday's daily candle) will try to continue moving down with the target of 1.2883 – the support line (red bold line). When this line will be reached, the price can start moving up with the next target of 1.2983 – a pullback level of 38.2% (blue dotted line). In testing this level, a further work going up with the target of 1.3083 is the upper fractal (red dotted line).

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Figure 1 (daily chart).

Complex Analysis:

  • Indicator Analysis – up
  • Fibonacci Levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – down
  • Weekly Chart - up

General Conclusion:

Today, the price from the level of 1.2911 (closing of yesterday's daily candle) will try to continue moving down with the target of 1.2883 – the support line (red bold line). When this line will be reached, the price can start moving up with the next target of 1.2983 – a pullback level of 38.2% (blue dotted line). In testing this level, a further work going up with the target of 1.3083 is the upper fractal (red dotted line).

Alternative scenario: when moving down and testing the support line 1.2883 (red bold line), the continuation of the downward movement to the next target 1.2831 is a rollback level of 61.8% (red dotted line).

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

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