empty
 
 
01.10.2021 12:25 PM
Technical analysis of GBP/USD pair for October 2021

Trend analysis

This month, the price is expected to increase from the level of 1.3470 (closing of the September monthly candlestick) to the target of 1.3620 – the pullback level of 76.4% (red dotted line). After testing it, the upward movement may continue to the next upward target of 1.3741 – the historical resistance level (blue dotted line).

This image is no longer relevant

Figure 1 (monthly chart)

Indicator analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up

An upward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the monthly chart: the price will most likely move in an upward trend, without the first lower shadow (the first week of the month is white) and with the second upper shadow (the last week is black) in the monthly white candlestick.

Generally, the price from the level of 1.3470 (closing of the September monthly candlestick) is expected to rise to the target of 1.3620 – the pullback level of 76.4% (red dotted line). If this level is tested, it may further rise to the next upward target of 1.3741 – the historical resistance level (blue dotted line).

As an alternative, the price from the level of 1.3470 (closing of the September monthly candlestick) may fall to the target of 1.3150 – the pullback level of 38.2% (blue dotted line). After testing this level, an upward movement is possible.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback