FX.co ★ Indicator analysis. Daily review on GBP / USD for October 6, 2020

The pair continued its upward movement on Monday, testing 1.2983 - a 38.2% pullback level (blue dotted line). Today, a downward roll back is possible. According to the economic calendar, pound news is expected at 08:30 UTC, and dollar news is at 12:00, 14:00, and 14:40 UTC.

Trend analysis (Fig. 1).

The market may roll back down from the level of 1.2983 (closing of yesterday's daily candlestick) with the target at the support level 1.2930 (black thick line). In case of reaching this level, an upward pullback is possible with the target of 1.3078 (blue dotted line).

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today, the price may roll back down from the level of 1.2983 (closing of yesterday's daily candlestick) with the target at the support level 1.2930 (black bold line). In case of reaching this level, an upward pullback is possible with the target of 1.3078 (blue dotted line).

Another possible scenario: from the support level 1.2930 (black bold line), the price may move downward with the target of 1.2866 - a 38.2% pullback level (red dotted line).