Indicator analysis. Daily review on GBP/USD for October 20, 2020

Trend analysis (Fig. 1).

On Tuesday, the market will attempt to continue moving up from the level of 1.2948 (the closing of yesterday's daily candle) with the goal of 1.2983 - a pullback level of 38.2% (blue dotted line). If this level is reached, keep on working up with the goal of 1.3078 - a pullback level of 50.0% (blue dotted line).

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Figure 1 (Daily chart).

Complex Analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candle analysis - up
  • Trend analysis - up
  • Bollinger bands - up
  • Weekly chart - up

General conclusion:

Today, the price from the level of 1.2948 (the closing of yesterday's daily candle) will try to continue moving up with the goal of 1.2983 - a pullback level of 38.2% (blue dotted line). If this level is reached, keep on working up with the goal of 1.3078 to roll back the level of 50.0% (blue dotted line).

Unlikely scenario: an upward movement with a target of 1.2983 - a pullback level of 38.2% (blue dotted line). If this level is reached, work down with the target 1.2881 - support line (red bold line).

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