Indicator analysis. Daily review of GBP/USD on November 10, 2021

Trend analysis (Fig. 1)

Today, the price from the level of 1.3554 (closing of yesterday's daily candle) will make an attempt to begin rising in order to reach the level of 1.3628 – the pullback level of 50%, (yellow dotted line). If this level is tested, it may further increase to the target of 1.3677 – the pullback level of 61.8% (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 1.3554 (closing of yesterday's daily candle) will try to start moving up today to be able to reach the level of 1.3628 – the pullback level of 50%, (yellow dotted line). After testing this level, growth may continue to the target of 1.3677 – the pullback level of 61.8% (yellow dotted line).

As an alternative, the price from the level of 1.3554 (closing of yesterday's daily candle) will try to start declining in order to reach the level of 1.3510 – the pullback level of 76.4% (blue dotted line). Once this level is tested, it may start rising again to the target of 1.3580 – the pullback level of 38.2% (yellow dotted line).

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

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