FX.co ★ Technical analysis of GBP/USD for November 2022

Trend analysis

GBP/USD will move up in November from the closing of the October monthly candle at 1.1828 to the 38.2% retracement level at 1.1828 (red dotted line). Upon reaching it, the quote will continue rising to the 50.0% retracement level at 1.2286 (red dotted line), then roll back downwards.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have a bullish trend with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

Throughout the month, quotes will climb from 1.1464 (closing of the October monthly candle) to the 38.2% retracement level at 1.1828 (red dotted line), go further to the 50.0% retracement level at 1.2286 (red dotted line), then turn downwards.

Alternatively, pound could rise from 1.1464 (closing of the October monthly candle) to the 38.2% retracement level at 1.1828 (red dotted line), then bounce down to the historical support level of 1.1443 (blue dotted line). Upward movement may resume from this level.