Indicator analysis: Daily review of GBP/USD on October 4, 2023
October 4, 2023 9:24 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2072 (closing of yesterday’s daily candle) to the 1.2032 support level (red thick line). In the case of testing this level, an upward movement is possible with the target of 1.2152, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Fibonacci levels – down;
Volumes – down;
Candlestick analysis – up;
Trend analysis – up;
Weekly chart – down;
Bollinger bands – down.
General conclusion: Today, the price may move downward from the level of 1.2072 (closing of yesterday’s daily candle) to the 1.2032 support level (red thick line). In the case of testing this level, an upward movement is possible with the target of 1.2152, the 14.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2072 (closing of yesterday’s daily candle) to 1.2015, the historical support level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2152, the 14.6% 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 downward from the level of 1.2072 (closing of yesterday’s daily candle) to the 1.2032 support level (red thick line). In the case of testing this level, an upward movement is possible with the target of 1.2152, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move downward from the level of 1.2072 (closing of yesterday’s daily candle) to the 1.2032 support level (red thick line). In the case of testing this level, an upward movement is possible with the target of 1.2152, the 14.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2072 (closing of yesterday’s daily candle) to 1.2015, the historical support level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2152, the 14.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: