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28.10.202109:19 Forex Analysis & Reviews: Hot forecast for GBP/USD on 10/28/2021

Despite the local puncture of the lower border of the flat at 1.3730/1.3830, the market still has a sideways range with a temporary shift in trading forces.

The lower border of the range has an intersection with the Fibonacci 38.2 line, where the quote follows at this time.

The RSI technical instrument is moving along the 50 line in the four-hour period, which confirms the formation of a horizontal channel. At the same time, keeping the indicator below the middle RSI line indicates the prevailing interest in short positions.

On the daily chart, there is a downward trend from the beginning of June, where the corrective move did not lead to a violation of the market ticks.

Expectations and prospects

In this situation, there is already an attempt to break out the lower border of the flat. In order to confirm the signal to sell the pound, the quote must stay below 1.3700. This will lead to an increase in the volume of short positions and, as a result, a movement towards 1.3610.

Otherwise, the sideways momentum along the resistance area will remain in the market.

Comprehensive indicator analysis gives a sell signal based on short-term and intraday periods due to price movement within the lower flat border.

Exchange Rates 28.10.2021 analysis

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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