Trend analysis
It is possible that the price from the level of 1.2941 (closing of the October monthly candlestick) will decline this month with the first goal of 1.2867 - 21 EMA (black thin line). If this level is tested, it is possible to further move below towards the next goal of 1.2689 - a pullback level of 38.2% (red dashed line).
Figure: 1 (monthly chart).
Indicator analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - down;
- Bollinger lines - down;
A decline can be concluded based on the comprehensive analysis.
The overall result of calculating the candlestick of the GBP/USD pair on the monthly chart: the price will most likely decline without the first upper shadow (first week of the month - black) in the monthly black candlestick and second lower shadow (last week - black).
Most likely scenario: the price from the level of 1.2941 (closing of the October monthly candlestick) is likely to decline this month with the first goal of 1.2867 - 21 EMA (black thin line). If this level is tested, it is possible to further move below towards the next goal of 1.2689 - a pullback level of 38.2% (red dashed line).
An alternative scenario: a decline with the goal of 1.2868 - 21 EMA (black thin line) from the level of 1.2941 (closing of the October monthly candle) is possible. In case that this level is tested, rising towards the goal of 1.2992 - a pullback level of 38.2% (red dashed line) can be considered. If this level is broken upwards, we can continue to further rise towards the level of 1.3075 - a pullback level of 50% (blue dashed line).
