Indicator analysis. GBP/USD daily review on November 2, 2021

Trend analysis (Fig. 1)

GBP/USD may move from 1.3660 (closing of yesterday's daily candle) to the support line (bold yellow line) - 1.3637. Then, a consolidation above it will provoke a further rise to the 61.8% retracement level (yellow dashed line) - 1.3719.

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Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger bands - down;

- Weekly chart - up.

General conclusion: It is likely that GBP/USD will rise from 1.3660 (closing of yesterday's daily candle) to the support line (bold yellow line) - 1.3637, and then head to the 61.8% retracement level (yellow dashed line) - 1.3719.

Alternatively, GBP/USD could decline first from 1.3660 (closing of yesterday's daily candle) to the 50.0% retracement level (blue dashed line) - 1.3620, and then go back to 1.3660 (yellow dashed line).

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

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