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Indicator analysis: Daily review of GBP/USD on October 10, 2023
October 10, 2023 8:27 amVideo
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Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2233 (closing of yesterday’s daily candlestick) to test the historical support at 1.2213 (blue dotted line). Upon testing this level, an upward movement is possible with the target of 1.2315, the 38.2% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move downward from the level of 1.2233 (closing of yesterday’s daily candlestick) to test the historical support at 1.2213 (blue dotted line). Upon testing this level, an upward movement is possible with the target of 1.2315, the 38.2% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2233 (closing of yesterday’s daily candle) to test 1.2199, the 8-period EMA (blue thin line). Upon testing this level, an upward movement is possible to 1.2315, the 38.2% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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