FX.co ★ Indicator analysis. GBP/USD daily review on November 5, 2021

Trend analysis (Fig. 1)

GBP / USD may move from 1.3495 (closing of yesterday's daily candle) to the 14.6% retracement level (yellow dashed line) - 1.3523. Then, it may go up to the 23.6% retracement level (yellow dashed line) - 1.3556.

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - uptrend;

- Fibonacci levels - uptrend;

- Volumes - uptrend;

- Candlestick analysis - uptrend;

- Trend analysis - uptrend;

- Bollinger bands - uptrend;

- Weekly chart - uptrend.

Conclusion: GBP/USD will most likely rise from 1.3495 (closing of yesterday's daily candle) to the 14.6% retracement level (yellow dashed line) - 1.3523. Afterwards, it will climb to the 23.6% retracement level (yellow dashed line) - 1.3556.

That being said, there is little chance that GBP/USD will move down from 1.3495 (closing of yesterday's daily candle) to the lower fractal (blue dotted line) - 1.3410, and then go up to the the 14.6% retracement level (yellow dashed line) - 1.3523.