Indicator analysis: Daily review of GBP/USD on October 18, 2023
October 18, 2023 8:26 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2179 (closing of yesterday’s daily candle) to the 1.2271 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target at 1.2215, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – down;
Trend analysis – up;
Weekly chart – up;
Bollinger bands – up.
General conclusion: today, the price may move upward from the level of 1.2179 (closing of yesterday’s daily candle) to the 1.2271 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target at 1.2215, the 23.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2179 (closing of yesterday’s daily candle) to the 1.2271 resistance level (red thick line). In the case of testing this level, a continued upward movement is possible with the target at 1.2316, the 38.2% pullback level (red dotted 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 1.2179 (closing of yesterday’s daily candle) to the 1.2271 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target at 1.2215, 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 1.2179 (closing of yesterday’s daily candle) to the 1.2271 resistance level (red thick line). In the case of testing this level, a downward movement is possible with the target at 1.2215, the 23.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2179 (closing of yesterday’s daily candle) to the 1.2271 resistance level (red thick line). In the case of testing this level, a continued upward movement is possible with the target at 1.2316, the 38.2% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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