Indicator Analysis. Daily review for the GBP/USD currency pair 11/10/20

The pair was supposed to continue moving up on Monday, but the news that the American pharmaceutical giant Pfizer and the German company BioNTech announced that their COVID-19 vaccine proved 90% effective outplayed the day's work and instead of the daily white candle, they received a side channel. Today, it is possible to go upward according to economic calendar news and it is expected at 7.00 UTC (pound), 12.00 and 15.00 UTC (dollar).

Trend analysis (Fig. 1).

Today, the market will try to continue moving up from the level of 1.3165 (the closing of yesterday's daily candle) with the goal of 1.3251-the historical resistance level (blue dotted line). If this level is reached, it will continue going up with the target 1.3373 resistance line (black bold 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 1.3165 (the closing of yesterday's daily candle) will try to continue moving up with the goal of 1.3251 - the historical resistance level (blue dotted line). If this level is reached, it will continue going up with the target 1.3373 resistance line (black bold line).

Unlikely scenario: downward movement with a target of 1.3206 – upper fractal (candle from 09.11.2020). If this level is reached, it will go down with the goal of 1.3130 – a pullback level of 14.6% (red dotted line).

The material has been provided by InstaForex Company - www.instaforex.com