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26.10.2020 10:11 AM
Indicator Analysis. Daily review for the GBP/USD 10/26/20

Trend analysis (Fig. 1).

Today, the market may continue to go down from the level of 1.3044 (closing of the Friday's daily candle) with the target of 1.2985 - the retracement level of 38.2% (red dotted line). When testing this level, it is possible that the work will continue going down with the target of 1.2926 - the retracement level of 50.0% (red dashed line).

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Figure: 1 (daily chart).

Comprehensive Analysis:

  • Indicator Analysis - down
  • Fibonacci levels - down
  • Volumes - down
  • Candlestick Analysis - down
  • Trend Analysis - down
  • Bollinger Lines - up
  • Weekly Chart - down

General conclusion:

Today, the price will try to continue going down with the target at 1.2985 - the 38.2% retracement level (red dotted line). When testing this level, it is possible that the work will continue downwards with the target at 1.2926 - the retracement level of 50.0% (red dashed line).

Unlikely scenario: from the level of 1.3044 (closing of the Friday's daily candlestick) the price may continue to move downward with the target at 1.2983 - the retracement level of 38.2% (blue dotted line). When testing this level, further work will go up with the target of 1.3078 - the retracement level of 50% (blue dashed line).

Stefan Doll,
Analytical expert of InstaForex
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