Indicator Analysis. Daily review for the GBP/USD currency pair 11/11/20

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Indicator Analysis. Daily review for the GBP/USD currency pair 11/11/20

Indicator Analysis. Daily review for the GBP/USD currency pair 11/11/20

Trend analysis (Fig. 1).

Today, the market will try to continue moving up from the level of 1.3274 (closing of yesterday’s daily candle) in order to reach the resistance line of 1.3371 (black bold line). If this level will be tested, the downward movement with the target of 1.3268 will have a pullback level of 14.6% (red dotted line).

Indicator Analysis. Daily review for the GBP/USD currency pair 11/11/20

Figure 1 (daily chart).

Complex Analysis:

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

General Conclusion:

Today, the price will try to continue moving up from the level of 1.3274 (closing of yesterday’s daily candle) in order to reach the resistance line of 1.3371 (black bold line). If this level will be tested, the downward movement with the target of 1.3268 will have a pullback level of 14.6% (red dotted line).

Unlikely scenario: the price from the level of 1.3274 (closing of yesterday’s daily candle) will try to continue moving up in order to reach the resistance line of 1.3371 (black bold line). In the case of testing this line, it will work up to the target 1.3482 upper fractal (candle from 01.09.2020).

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

Source : https://www.fx.co/forex_analysis/quickview/263694/