Indicator analysis: Daily review of GBP/USD on October 19, 2023
October 19, 2023 8:23 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2136 (closing of yesterday’s daily candle) to 1.2214, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.2259 resistance level (red thick line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – up;
Weekly chart – up.
General conclusion: Today, the price may move upward from the level of 1.2136 (closing of yesterday’s daily candle) to 1.2214, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.2259 resistance level (red thick line).
Alternatively, the price may move upward from the level of 1.2136 (closing of yesterday’s daily candle) to 1.2214, the 23.6% pullback level (red dotted line). In the case of testing this level, a downward movement is possible with a target at 1.2169, the 8-period EMA (blue thin 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 1.2136 (closing of yesterday’s daily candle) to 1.2214, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.2259 resistance level (red thick line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move upward from the level of 1.2136 (closing of yesterday’s daily candle) to 1.2214, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible with a target at the 1.2259 resistance level (red thick line).
Alternatively, the price may move upward from the level of 1.2136 (closing of yesterday’s daily candle) to 1.2214, the 23.6% pullback level (red dotted line). In the case of testing this level, a downward movement is possible with a target at 1.2169, the 8-period EMA (blue thin line).
The material has been provided by InstaForex Company – www.instaforex.com
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