FX.co ★ Indicator analysis. Daily review of GBP/USD for October 12, 2021

The pair moved up on Monday, tested 1.3660 - the 50% retracement level (yellow dashed line), then went down, closing the daily candle at 1.3591. Today, the market may move upward. News is expected at 06:00 UTC (pound) and 14:00 UTC (dollar).

Trend analysis (Fig. 1).

The market will try to move upward from the level of 1.3591 (closing of yesterday's daily candle) with the target of 1.3660 - the 50.0% retracement level (yellow dashed line). In the case of testing this level, the price may continue to move upward with the target at 1.3719 - the 61.8% 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 will try to move upward from the level of 1.3591 (closing of yesterday's daily candle) with the target of 1.3660 - the 50.0% retracement level (yellow dashed line). In the case of testing this level, the price may continue to move upward with the target at 1.3719 - the 61.8% retracement level (yellow dashed line).

Unlikely scenario: from the level of 1.3591 (closing of yesterday's daily candle), the price will try to continue moving downward with the target of 1.3572 - the 38.2% retracement level (blue dotted line). In the case of testing this level, further upward movement with the target of 1.3660 - the 50% retracement level (blue dashed line).