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30.10.202010:11 Forex Analysis & Reviews: Indicator analysis. Daily review on GBP/USD for October 30, 2020

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Trend analysis (Fig. 1).

Today, the market from the level of 1.2929 (closing of yesterday's daily candlestick) will attempt to continue moving down with the goal of 1.2868, which is a pullback level of 61.8% (red dotted line). When this level is reached, the price may resume moving down to the next target of 1.2794, which is a pullback level of 76.4% (red dotted line).

Exchange Rates 30.10.2020 analysis

Figure 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:

Today, the price from the level of 1.2929 (closing of yesterday's daily candlestick) will attempt to continue moving down with the goal of 1.2868, which is a pullback level of 61.8% (red dotted line). When this level is reached, the price may continue to move down to the next target of 1.2794, which is a pullback level of 76.4% (red dotted line).

Alternative scenario: from the level of 1.2929 (closing of yesterday's daily candlestick), the price will start moving up to reach the pullback level of 38.2% - 1.2983 (blue dotted line). When testing this level, there will be a continuation of the upward movement to the next target 1.3078, which is a pullback level of 50.0% (blue dotted line).

Stefan Doll
Analytical expert of InstaForex
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