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02.11.202119:33 Forex Analysis & Reviews: GBPUSD approaching second target.

GBPUSD remains in a bearish trend. Price failed to hold the first key support at the 38% Fibonacci level. Price has now reached our second target the 50% Fibonacci retracement level at 1.3620. Price has broken this support level and is moving lower.

Exchange Rates 02.11.2021 analysis

Red lines- bullish channel

Black lines - Fibonacci retracements

GBPUSD is clearly in a bearish trend making lower lows and lower highs. The RSI continues making lower lows and has just reached the oversold area. A bounce from current levels is justified but a move lower towards the 1.3570 level is highly probable as long as price is below 1.3665.

*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
© 2007-2022
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