Indicator analysis. Daily review on GBP/USD for November 9, 2020

Trend analysis (Fig. 1).

Today, the market may continue to move up from the level of 1.3154 (closing of last Friday's daily candlestick) with the goal of 1.3238 – the upper border of the Bollinger line indicator (purple dotted line). When testing this line, it is possible to continue working up with the goal of 1.3258 – the historical resistance level (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 - up;
  • Bollinger bands - up;
  • Weekly chart - up.

General conclusion:

The price will try to continue moving up today with the goal of 1.3238 – the upper border of the Bollinger line indicator (purple dotted line). When testing this line, it is possible to continue working up with the goal of 1.3258 – the historical resistance level (blue dotted line).

Unlikely scenario: from the level of 1.3154 (closing of last Friday's daily candlestick), the price may start moving down with the goal of 1.3104 – a pullback level of 14.6% (red dotted line).

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