Indicator analysis. Daily review on GBP/USD for November 6, 2020

Trend analysis (Fig. 1).

Today, the market from the level of 1.3148 (closing of yesterday's daily candlestick) will make an attempt to start moving down with the goal of 1.3104 - a pullback level of 14.6% (red dotted line). Upon reaching this level, the price can continue to move up with the goal of 1.3177 - the upper fractal (candle from 21.10.2020).

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Figure 1 (Daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the pullback level of 14.6% - 1.3104 (red dotted line) will try to continue moving up with the goal of 1.3177 - the upper fractal (candle from 21.10.2020).

Upon reaching this level, work upward to the goal of 1.3310 - the historical resistance level (blue dotted line).

Unlikely scenario: from the level of 1.2929 (closing of yesterday's daily candlestick), the price will start moving down to reach the pullback level of 23.6% - 1.3058 (red dotted line). When testing this level, the price will continue moving down to the next target of 1.2985 - a pullback level of 38.2% (red dotted line).

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