Baxia Markets
October 25, 2021

GBPUSD: Could Reach The 50% Fibonacci Level

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The upward trend on GBPUSD had not lasted for too long, only eight days. However, the movement was still stable; we can only see some small fluctuations during the upward movement. The upward trend stopped suddenly on Oct 20; the resistance power showed up. Recently, the Bollinger Bands shrunk, which allowed resistance power to push the price line moved down from the upper Bollinger Bands. 





Now the price has already broken out of the lower Bollinger Bands. Although the price is facing the support power from the bottom Bollinger Band, the price line seems to continue to move down. The standard deviation remains at a low level; however, recently, it is heading up. MACD has been moving above zero level for a while. However, MACD just made a bearish cross. The price touched the Ichimoku cloud, which means the price is changing direction. Let’s see if the price line could touch the 50% Fibonacci level.


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