Indicator analysis. Daily review of GBP/USD on October 15, 2021

Trend analysis (Fig. 1)

Today, the price from the level of 1.3668 (closing of yesterday's daily candle) will attempt to rise to the target of 1.3719 – the pullback level of 61.8% (yellow dotted line). Once this line is tested, it may further rise to the target of 1.3792 – the pullback level of 74.6% (yellow 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 lines - up
  • Weekly chart - up

General conclusion:

The price from the level of 1.3668 (closing of yesterday's daily candle) is expected to move up to the target of 1.3719 – the pullback level of 61.8% (yellow dotted line) today. After testing this line, the upward movement may continue to the target of 1.3792 – the pullback level of 74.6% (yellow dotted line).

Alternatively, the price from the level of 1.3668 (closing of yesterday's daily candle) may try rising to the target of 1.3712 – the resistance line (yellow bold line). After testing it, the price may start declining to the target of 1.3656 – the pullback level of 23.6% (blue dotted line).

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

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