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

Technical analysis of GBP/USD for October 2022

trend analysis

GBP/USD will move up in October, starting from the closing of the September monthly candle at 1.1165 to the historical resistance level at 1.1443 (blue dotted line). Upon reaching it, the quote will continue rising to the 38.2% retracement level at 1.1825 (red dotted line), then roll back downwards.

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Technical analysis of GBP/USD for October 2022

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 a second upper shadow (the last week is black).

Throughout the month, quotes will climb from 1.1165 (closing of the September monthly candle) to the historical resistance level at 1.1443 (blue dotted line), go to the 38.2% retracement level at 1.1825 (red dotted line), then turn downwards.

Alternatively, pound could rise from 1.1165 (closing of the September monthly candle) to the historical support level at 1.1443 (blue dotted line), then bounce down to the support line at 1.0505 (thick yellow line). Upward movement may resume from this level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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