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19.10.202009:54 Forex Analysis & Reviews: Technical analysis for the week from October 19 to October 24 on the GBP / USD currency pair

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Trend analysis

This week, the price will move up from the level of 1.2913 (the closing of the last weekly candle) to the pullback level of 50.0% - 1.3077 (blue dotted line). If this level is reached, the upward movement will continue with the goal of a rollback level of 61.8% - 1.3172 (blue dotted line).

Exchange Rates 19.10.2020 analysis

Figure 1 (weekly chart).

Complex Analysis:

  • Indicator Analysis – up
  • Fibonacci levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – up
  • Monthly chart – up

The conclusion of the complex analysis is an upward movement.

The overall result of calculating for the the GBP/USD currency pair candle on a weekly chart: the price on the week is likely to have an upward trend with the absence of the first lower shadow of the weekly white candle (Monday - up) and the presence of the second upper shadow (Friday - down).

The first upper target to the pullback level of 50.0% is 1.3077 (blue dotted line). If this level is reached, the upward movement will continue with the goal of a rollback level of 61.8% - 1.3172 (blue dotted line).

Unlikely scenario: from the level of 1.2913 (the closing of the last weekly candle), the price will move up to reach the pullback level of 50.0% - 1.3077 (blue dotted line). If this level is reached, work down to test the support line - 1.2901 (thick white line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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