Indicator analysis: Daily review for the GBP/USD currency pair 29/10/2020

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Indicator analysis: Daily review for the GBP/USD currency pair 29/10/2020

Indicator analysis: Daily review for the GBP/USD currency pair 29/10/2020

Trend analysis (Fig. 1)

Today, the market, from the level of 1.2986 (the closing of yesterday’s daily candle) can start working up with the goal of 1.3078 which is a pullback level of 50.0% (blue dotted line). When this level is reached, continue working up with the goal of 1.3173 which is a rollback level of 61.8% (blue dotted line).

Indicator analysis: Daily review for the GBP/USD currency pair 29/10/2020

Figure 1 (daily chart)

Complex analysis

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

General conclusion:

Today the price will try to make an upward movement with the goal of 1.3078 which is a pullback level of 50.0% (blue dotted line). When this level is reached, continue working up with the goal of 1.3173 which is a rollback level of 61.8% (blue dotted line).

Alternative scenario: The market will try to move up from the level of 1.2986 (the closing of yesterday’s daily candle) with the goal of 1.3078 which is a pullback level of 50.0% (blue dotted line) and go down from this level with the goal of 1.2943 support line (red bold line).

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

Source : https://www.fx.co/forex_analysis/quickview/262761/