Indicator analysis: Daily review of GBP/USD on October 5, 2023
October 5, 2023 8:23 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2131 (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 to the 1.2279 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 – down;
Weekly chart – up.
General conclusion: Today, the price may move upward from the level of 1.2131 (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 to the 1.2279 resistance level (red thick line).
Alternatively, the price may move upward from the level of 1.2131 (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 of 1.2160, 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 1.2131 (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 to the 1.2279 resistance level (red thick line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move upward from the level of 1.2131 (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 to the 1.2279 resistance level (red thick line).
Alternatively, the price may move upward from the level of 1.2131 (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 of 1.2160, the 8-period EMA (blue thin line).
The material has been provided by InstaForex Company – www.instaforex.com
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