Indicator analysis. GBP/USD daily review on November 4, 2021

Trend analysis (Fig. 1)

GBP / USD may move from 1.3681 (closing of yesterday's daily candle) to the support line (blue bold line) - 1.3622, and then go up to the 50.0% retracement level (yellow dashed line) - 1.3660.

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Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - downtrend;

- Fibonacci levels - downtrend;

- Volumes - downtrend;

- Candlestick analysis - uptrend;

- Trend analysis - uptrend;

- Bollinger bands - downtrend;

- Weekly chart - uptrend.

Conclusion: GBP/USD should decline from 1.3681 (closing of yesterday's daily candle) to the support line (blue bold line) - 1.3622, and then rise to the 50.0% retracement level (yellow dashed line) - 1.3660.

That being said, there is little chance that after moving down from 1.3681 (closing of yesterday's daily candle) to the support line (blue bold line) - 1.3622, GBP/USD will drop lower to the the 61.8% retracement level (blue dashed line) - 1.3572.

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

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