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23.10.202002:53 Análisis del mercado Forex: The end of the medium-term correction of GBPUSD. Everything is ready for sale.

Exchange Rates 23.10.2020 analysis

Last month's move formed a senior engulfing pattern. This indicated that the upward movement is a medium-term correction. Our task was to determine the maximum correction zone and two such zones were reached simultaneously this week. The main obstacle to growth was the weekly CZ 1.3202 - 1.3154. The zone of the average weekly course coincided with it. This confirms their importance and makes it possible to consider the sale of the instrument in the medium term. The fall may target the September minimum. This will take from two to three weeks, so there is no need to rush to fix sales.

Exchange Rates 23.10.2020 analysis

Work in the direction of the fall of the GBPUSD pair may become the main one at the end of the current and the first half of the next month. It is important to note significant support levels. Rebuilding below them must be used to re-sell the instrument. This will allow the short position to build up and obtain a favorable risk to reward ratio in case of 100% realization of the bearish pattern.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Samanta Kruder,
Experto Analítico
Grupo InstaForex © 2007-2021
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