Support & Resistance

Indicator analysis of GBP/USD on November 1, 2022

Trend-following analysis (picture 1)

On Tuesday, GBP/USD is trading higher from 1.1464, the level of closing yesterday’s intraday candlestick. It is trying to reach the historic resistance at 1.1643 plotted by the blue dotted line. Once this level is tested, the price could continue its climb aiming to reach the upper fractal at 1.1743, plotted by the blue dotted line. From this level, the price could extend its upward move.

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Picture 1 (daily chart)

Complex analysis

Indicator analysis – up

Fibonacci levels – up

Trading volume – up

Candlestick analysis – up

Trend-following analysis – up

Bollinger bands – up

Weekly chart – up

Conclusion

Today, GBP/USD is trading higher from 1.1464, the level of closing yesterday’s intraday candlestick. It is trying to reach the historic resistance at 1.1643 plotted by the blue dotted line. Once this level is tested, the price could continue its climb aiming to reach the upper fractal at 1.1743, plotted by the blue dotted line. From this level, the price could extend its upward move.

Alternative scenario: During its upward move, the currency pair is trying to reach resistance at 1.1613 plotted by the bold red line. After this level is tested, the price might pull back downward.

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


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