Indicator analysis: Daily review of GBP/USD on October 11, 2023
October 11, 2023 9:22 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2275 (closing of yesterday’s daily candle) to the 1.2341 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target of 1.2214, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Fibonacci levels – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – up;
Weekly chart – up;
Bollinger bands – up.
General conclusion: Today, the price may move upward from the level of 1.2275 (closing of yesterday’s daily candle) to the 1.2341 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target of 1.2214, the 23.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2275 (closing of yesterday’s daily candle) to 1.2363, the historical resistance level (blue dotted line). In the case of testing this level, a downward movement is possible to the 1.2341 support level (red thick line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2275 (closing of yesterday’s daily candle) to the 1.2341 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target of 1.2214, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move upward from the level of 1.2275 (closing of yesterday’s daily candle) to the 1.2341 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target of 1.2214, the 23.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2275 (closing of yesterday’s daily candle) to 1.2363, the historical resistance level (blue dotted line). In the case of testing this level, a downward movement is possible to the 1.2341 support level (red thick line).
The material has been provided by InstaForex Company – www.instaforex.com
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