Indicator analysis. Daily review on GBP/USD for November 3, 2020

Trend analysis (Fig. 1).

Today, the market will try to continue moving up from the level of 1.2919 (closing of yesterday's daily candlestick) in order to reach the pullback level of 38.2% - 1.2982 (blue dotted line). If this level is tested, the upward movement will continue with the target of 1.3078 - the pullback level of 50.0% (blue dotted line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.2919 (closing of yesterday's daily candlestick) will attempt to continue moving up in order to reach the pullback level of 38.2% - 1.2982 (blue dotted line). If this level is tested, the upward movement will continue with the target of 1.3078 - the pullback level of 50.0% (blue dotted line).

Unlikely scenario: the price from the level of 1.3043 (closing of yesterday's daily candlestick) works up to reach the resistance line - 1.2941 (red bold line). If this line is tested, work downward to the target of 1.2867, which is a pullback level of 61.8% (red dotted line).

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