• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY


• 02.11.2021 12:30 pm
#stocks

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD index, and a complete top down analysis of the GBPUSD.

GBPUSD Weekly:

Weekly support at 1.3411, resistance at 1.3834.

Weekly chart is in a downtrend showing lower tops and a lower bottom. Price has rallied to 1.3834 and has started its next decline.

GBPUSD Daily:

Daily support at 1.3673, resistance at 1.3735.

Daily chart is in a downtrend showing a lower top and bottom. MACD has crossed down confirming the change in trend.

Looking for price to rally and fail at either the 62% or 79% fib retracement levels, 1.3757 and 1.3788. (Watch the video for a full review.) Price failing at either one of these levels would present an ideal opportunity to sell for the next decline in line with the weekly downtrend.

Target for the next move down would be 1.3411 weekly support.

Analysis written by Duncan Cooper, Senior Market Strategist & Trading Mentor.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD index, and a complete top down analysis of the GBPUSD.

GBPUSD Weekly:

Weekly support at 1.3411, resistance at 1.3834.

Weekly chart is in a downtrend showing lower tops and a lower bottom. Price has rallied to 1.3834 and has started its next decline.

GBPUSD Daily:

Daily support at 1.3673, resistance at 1.3735.

Daily chart is in a downtrend showing a lower top and bottom. MACD has crossed down confirming the change in trend.

Looking for price to rally and fail at either the 62% or 79% fib retracement levels, 1.3757 and 1.3788. (Watch the video for a full review.) Price failing at either one of these levels would present an ideal opportunity to sell for the next decline in line with the weekly downtrend.

Target for the next move down would be 1.3411 weekly support.

Analysis written by Duncan Cooper, Senior Market Strategist & Trading Mentor.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.