Support & Resistance

Indicator analysis of GBP/USD on October 31, 2022

Trend analysis (Fig. 1).

On Monday, the uptrend may extend from 1.1612 (closing of Friday’s daily candlestick) to 1.1653 resistance (red bold line). The price may test the barrier and go up to the upper fractal, standing at 1.1743 (blue dotted line). Should the quote test this level, a pullback may occur.

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Fig. 1 (daily chart).

Complex analysis:

– indicator analysis – up;

– Fibonacci levels – up;

– volumes – up;

– candlestick analysis – up;

– trend analysis – up;

– Bollinger bands – down;

– weekly chart – up.

Final thoughts:

Today, the uptrend may extend from 1.1612 (closing of Friday’s daily candlestick) to 1.1653 resistance (red bold line). The price may test the barrier and go up to the upper fractal, standing at 1.1743 (blue dotted line). Should the quote test this level, a pullback may occur.

Alternative scenario: the uptrend may extend from1.1612 (closing of Friday’s daily candlestick) to 1.1653 resistance (red bold line). When the price tests the barrier, it may then fall to 1.1532, in line with the 14.6% retracement level (yellow dotted line). Should the quote test this level, the uptrend may extend.

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


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