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09.11.202210:27 Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on November 9, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1539 (close of yesterday's daily candle) to 1.1468, the 23.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1743 (blue dotted line). Upon testing this level, the price may roll back down.

Exchange Rates 09.11.2022 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis – down;
  • Fibonacci levels – down;
  • volumes – down;
  • candlestick analysis – down;
  • trend analysis – up;
  • weekly chart – up;
  • Bollinger Bands – up.

General conclusion:

Today the price may move downward from the level of 1.1539 (close of yesterday's daily candle) to 1.1468, the 23.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1743 (blue dotted line). Upon testing this level, the price may roll back down.

Alternatively, the price may move downward from the level of 1.1539 (close of yesterday's daily candle) to 1.1363, the 38.2% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1743 (blue dotted line). Upon testing this level, the price may roll back down.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
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