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21.10.202115:48 Forex Analysis & Reviews: GBPUSD could soon make a reversal.

GBPUSD is making new higher highs and higher lows. Trend remains bullish but the RSI has provided us with a bearish divergence signal. If price breaks below 1.3784 we will get a bearish signal implying that a short-term top is most probably in.

Exchange Rates 21.10.2021 analysis

Red lines - bullish channel

Blue line -RSI support trend line

Red rectangle -horizontal support area

GBPUSD remains inside the bullish channel. We have some indications that the trend could reverse soon, but so far no reversal signal. If price breaks below the red rectangle support, we will get our bearish signal and our first pull back target would be at 1.37. The lower channel boundary will be our next pull back target if horizontal support fails to hold.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2021
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