FX.co ★ Indicator analysis. Daily review of GBP/USD for October 4, 2021

The pair moved upward on Friday, testing the 8 EMA at 1.3570 (blue thin line). The market closed the daily candle at 1.3541. Today, the market may move upward. News is not expected.

Trend analysis (Fig. 1).

The market may move upward from the level of 1.3541 (closing of Friday's daily candle) with the target of 1.3602 - the 38.2% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move upward with the target of 1.3760 - the 50.0% retracement level (yellow dashed line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

Today, the price may move upward from the level of 1.3541 (closing of Friday's daily candle) with the target of 1.3602 - the 38.2% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move upward with the target of 1.3760 - the 50.0% retracement level (yellow dashed line).

Unlikely scenario: from the level of 1.3541 (closing of Friday's daily candle), the price may move downward with the target at 1.3481 - the historical support level (blue dotted line). When testing this level, the price may move upward with the target at 1.3529 - the 23.6% retracement level (yellow dashed line).