22.10.202009:03 Forex Analysis & Reviews: Indicator Analysis. Daily Review for GBP/USD 10/22/20

Trend analysis (Fig. 1).

Today, the market may roll back down from the level of 1.3148 (closing of yesterday's daily candle) with the target of 1.3104 - the retracement level of 14.6% (red dotted line). Upon reaching this level, the continuation of work downward with the target of 1.3058 - the retracement level of 23.6% (red dotted line).

Figure: 1 (daily chart).

Comprehensive Analysis:

• Indicator Analysis - down
• Fibonacci Levels - down
• Volumes - down
• Candlestick Analysis - down
• Trend Analysis - up
• Bollinger Lines - down
• Weekly Chart - down

General conclusion:

Today the price will try to move down with the target of 1.3104 - the retracement level of 14.6% (red dotted line). Upon reaching this level, the continuation of work downward with the target of 1.3058 - the retracement level of 23.6% (red dotted line).

Alternative scenario: the market will try to move down from the level of 1.3148 (closing of yesterday's daily candle) with the target at 1.3104 - the retracement level of 14.6% (red dotted line) and go up from this level with the target at 1.3177 upper fractal (red dotted line).