Technical analysis of the GBP/USD pair for Oct 11-16, 2021

Trend analysisThis week, the price from the level of 1.3611 (closing of the last weekly candle) is expected to rise to the target of 1.3729 – the pullback level of 38.2% (yellow dotted line). Once this level is reached, it is likely to resume its growth to the target of 1.3828 – the pullback level of 50.0% (yellow dotted line).Figure 1 (weekly chart)Comprehensive analysis:Indicator analysis - upFibonacci levels - upVolumes - upCandlestick analysis - upTrend analysis - upBollinger lines - upMonthly chart - upAn upward movement can be concluded based on a comprehensive analysis.The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick.The price from the level of 1.3611 (closing of the last weekly candle) will make an upward surge to the target of 1.3729 – the pullback level of 38.2% (yellow dotted line). After reaching it, the upward movement may extend to the target of 1.3828 – the pullback level of 50.0% (yellow dotted line).As an alternative, the price from the level of 1.3611 (closing of the last weekly candle) may increase to the target of 1.3686 – 8th average EMA (blue thin line). After testing this line, it may decline to the target of 1.3444 – the support line (white thick line) and then rise again to the target of 1.3532 – the pullback level of 14.6% (yellow dotted line). The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of the GBP/USD pair for Oct 11-16, 2021

Trend analysis

This week, the price from the level of 1.3611 (closing of the last weekly candle) is expected to rise to the target of 1.3729 – the pullback level of 38.2% (yellow dotted line). Once this level is reached, it is likely to resume its growth to the target of 1.3828 – the pullback level of 50.0% (yellow dotted line).

analytics61645ed3a7a51.jpg

Figure 1 (weekly chart)

Comprehensive analysis:

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

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

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick.

The price from the level of 1.3611 (closing of the last weekly candle) will make an upward surge to the target of 1.3729 – the pullback level of 38.2% (yellow dotted line). After reaching it, the upward movement may extend to the target of 1.3828 – the pullback level of 50.0% (yellow dotted line).

As an alternative, the price from the level of 1.3611 (closing of the last weekly candle) may increase to the target of 1.3686 – 8th average EMA (blue thin line). After testing this line, it may decline to the target of 1.3444 – the support line (white thick line) and then rise again to the target of 1.3532 – the pullback level of 14.6% (yellow dotted line).

The material has been provided by InstaForex Company - www.instaforex.com