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

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).

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).