Indicator analysis. Daily review on the GBP/USD currency pair for November 12, 2020

Trend analysis (Fig. 1).

Today, the market from the level of 1.3223 (closing of yesterday's daily candlestick) can continue to work down with the goal of 1.3163 – a pullback level of 23.6% (red dotted line). After testing this line, continue working down with the target of 1.3070 - a pullback level of 38.2% (red dotted line). Upon reaching this level, upward work is possible.

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Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - down;
  • Fibonacci levels - down;
  • Volumes - down;
  • Candlestick analysis - down;
  • Trend analysis - up;
  • Bollinger bands - up;
  • Weekly chart - down.

General conclusion:

Today, the price from the level of 1.3223 (closing of yesterday's daily candlestick) can continue to work downward with the goal of 1.3163 – a pullback level of 23.6% (red dotted line). After testing this line, continue working down with the target of 1.3070 - a pullback level of 38.2% (red dotted line).

Alternative scenario: when moving down and reaching the pullback level of 23.6% - 1.3163 (red dotted line), the market will try to move up with the goal of 1.3251 – the historical resistance level (blue dotted line).

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