In October, from the level of 1.3441 (closing of the September monthly candle), the price may begin moving upward with the target at 1.3990 – the historical resistance level (blue dashed line). When testing this level, the price may roll back downward toward 1.3786 – the upper fractal (red dashed line).
Fig. 1 (monthly chart).
Indicator Analysis:
Indicator analysis – upward;
Fibonacci levels – upward;
Volumes – upward;
Candlestick analysis – upward;
Trend analysis – upward;
Bollinger Bands – upward.
Comprehensive analysis conclusion: an upward trend is possible.
Overall outcome for the GBP/USD monthly candle calculation: the price will most likely have an upward trend, with the absence of the first lower shadow of the monthly white candle (first week of the month – white) and the presence of the second upper shadow (last week of the month – black).
Alternative scenario: from the level of 1.3441 (closing of the September monthly candle), the price may begin moving upward with the target at 1.3786 – the upper fractal (red dashed line). When testing this level, the price may roll back downward with the target at 1.3592 – the historical resistance level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
Latest comments
Join the conversation
You can post now and register later.
If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.
Trend Analysis
In October, from the level of 1.3441 (closing of the September monthly candle), the price may begin moving upward with the target at 1.3990 – the historical resistance level (blue dashed line). When testing this level, the price may roll back downward toward 1.3786 – the upper fractal (red dashed line).
Fig. 1 (monthly chart).
Indicator Analysis:
Comprehensive analysis conclusion: an upward trend is possible.
Overall outcome for the GBP/USD monthly candle calculation: the price will most likely have an upward trend, with the absence of the first lower shadow of the monthly white candle (first week of the month – white) and the presence of the second upper shadow (last week of the month – black).
Alternative scenario: from the level of 1.3441 (closing of the September monthly candle), the price may begin moving upward with the target at 1.3786 – the upper fractal (red dashed line). When testing this level, the price may roll back downward with the target at 1.3592 – the historical resistance level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com