Indicator analysis: Daily review of GBP/USD on November 7, 2023
November 7, 2023 8:24 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2338 (closing of yesterday’s daily candle) to test 1.2290, the 38.2% pullback level (yellow dotted line). From there, an upward movement is possible to test 1.2390, the 50.0% pullback level (red dotted line), where the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – up;
Bollinger bands – down;
Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.2338 (closing of yesterday’s daily candle) to test 1.2290, the 38.2% pullback level (yellow dotted line). From there, an upward movement is possible to test 1.2390, the 50.0% pullback level (red dotted line), where the price may continue to move up.
Alternatively, the price may move downward from the level of 1.2338 (closing of yesterday’s daily candle) to test 1.2306, the 38.2% pullback level (red dotted line). From there, an upward movement is possible to test 1.2390, the 50.0% pullback level (red dotted line), where the price may continue to move up.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2338 (closing of yesterday’s daily candle) to test 1.2290, the 38.2% pullback level (yellow dotted line). From there, an upward movement is possible to test 1.2390, the 50.0% pullback level (red dotted line), where the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move downward from the level of 1.2338 (closing of yesterday’s daily candle) to test 1.2290, the 38.2% pullback level (yellow dotted line). From there, an upward movement is possible to test 1.2390, the 50.0% pullback level (red dotted line), where the price may continue to move up.
Alternatively, the price may move downward from the level of 1.2338 (closing of yesterday’s daily candle) to test 1.2306, the 38.2% pullback level (red dotted line). From there, an upward movement is possible to test 1.2390, the 50.0% pullback level (red dotted line), where the price may continue to move up.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: