Support & Resistance

Indicator analysis: Daily review of GBP/USD on October 25, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1274 (close of yesterday’s daily candle) to 1.1241, the 38.2% retracement level (yellow dotted line). When testing this level, an upward movement is possible to the upper fractal 1.1438 (yellow dotted line). From this level, further upward movement is possible.

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Fig. 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:

Today the price may move downward from the level of 1.1274 (close of yesterday’s daily candle) to 1.1241, the 38.2% retracement level (yellow dotted line). When testing this level, an upward movement is possible to the upper fractal 1.1438 (yellow dotted line). From this level, further upward movement is possible.

Alternatively, the price may move downward from the level of 1.1274 (close of yesterday’s daily candle) to the 1.1128 support level (red thick line). When testing this level, the price may move up.

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


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