empty
31.10.2023 06:32 AM
EUR/USD and GBP/USD: Technical analysis for October 31

EUR/USD

This image is no longer relevant

Higher Timeframes

At the end of yesterday, judging by the mood and the shape of the daily candle, it can be said that the advantage during the day belonged to the bullish players. However, one day did not fundamentally change the situation. The main conclusions and expectations remain the same. For the bulls, it is now important to overcome the weekly resistances at 1.0628 – 1.0653 (weekly short-term trend + upper boundary of the weekly cloud). Next, attention will be on updating the high (1.0695) and testing the area of 1.0716-22 (lower boundary of the daily cloud + monthly medium-term trend). The current support and influence on the situation at the moment are provided by the levels of the daily Ichimoku cross (1.0609 – 1.0601 – 1.0572 – 1.0543). The subsequent bearish targets today retain their significance and are located at 1.0500 (daily target level) and 1.0447 (final level of the monthly Ichimoku cross).

This image is no longer relevant

H4 – H1

On the lower timeframes, bulls rose above the key levels, turning them into supports. However, they have not been able to reverse the movement yet. In case of further ascent, the next bullish targets within the day can be noted at 1.0645 – 1.0674 – 1.0723 (resistances of classic pivot points). A change in sentiment can happen very quickly now; it is enough for the bears to drop below the key levels located today at 1.0596 – 1.0582 (central pivot point + weekly long-term trend). The next intraday bearish targets are at 1.0567 – 1.0518 – 1.0489 (supports of classic pivot points).

***

GBP/USD

This image is no longer relevant

Higher Timeframes

The pound continues to be influenced by the force of attraction of two significant levels in the area of 1.2097 – 1.2135 (upper boundary of the weekly cloud + monthly medium-term trend). Bearish players need an exit from the current zone of attraction and a reliable reversal of the downward trend through the update of the low (1.2036). For the bulls, it is important to eliminate the daily cross (1.2151 – 1.2178 – 1.2186 – 1.2221) and consolidate above the weekly short-term trend (1.2339).

This image is no longer relevant

H4 – H1

On the lower timeframes, the key levels today have come together in the area of 1.2139 – 1.2142 (weekly long-term trend + central pivot point of the day). Interacting with the key levels, the market seems to be in a point of balance and uncertainty. Trading above the key levels gives the advantage to strengthening bullish sentiments. The resistances of classic pivot points (1.2194 – 1.2296 – 1.2278) can serve as targets for the development of an intraday rise. Trading below the key levels may create conditions for bearish activity and a decline. Intraday bearish targets are at the support levels of classic pivot points (1.2110 – 1.2058 – 1.2026).

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis of Intraday Price Movement EUR/GBP Cross Currency Pairs, Monday April 21, 2025

From what is seen on the 4-hour chart, the EUR/GBP cross currency pair appears to be moving above the EMA (100), which indicates that Buyers dominate the currency pair

Arief Makmur 04:19 2025-04-21 UTC+2

Technical Analysis of Intraday Price Movement USD/JPY Main Currency Pairs, Monday April 21, 2025.

With the appearance of Convergence between the price movement of the main currency pair USD/JPY with the Stochastic Oscillator indicator and the position of the EMA (100) which is above

Arief Makmur 04:19 2025-04-21 UTC+2

Forex forecast 18/04/2025: EUR/USD, GBP/USD, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:18 2025-04-18 UTC+2

Gold: Ongoing Uncertainty Continues to Support Gold Prices

Gold prices continue to receive support amid the fog of uncertainty surrounding the future course of the tariff wars initiated by Donald Trump. The price of gold has been climbing

Pati Gani 11:49 2025-04-17 UTC+2

EUR/USD Forecast for April 17, 2025

On Wednesday, the euro once again moved into the target range of 1.1385–1.1420. However, recent price behavior suggests that the 1.1385 level is now redundant — we're seeing a consolidation

Laurie Bailey 11:07 2025-04-17 UTC+2

GBP/USD Forecast for April 17, 2025

Yesterday, the UK released inflation data for March. Core CPI declined from 3.0% y/y to 2.8% y/y, and headline CPI dropped from 2.8% y/y to 2.6% y/y, below the forecast

Laurie Bailey 11:02 2025-04-17 UTC+2

USD/CAD Forecast for April 17, 2025

USD/CAD On the daily chart, the Marlin oscillator indicates that the price is poised for a potential upward reversal. Below remains the target level of 1.3746 and the lower boundary

Laurie Bailey 10:59 2025-04-17 UTC+2

Forex forecast 17/04/2025: EUR/USD, NZD/USD, USD/JPY, SP500 and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:59 2025-04-17 UTC+2

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday April 17, 2025.

From what we see on the 4-hour chart of the Nasdaq 100 index, there are several interesting things, namely, first, the price movement is moving below the MA (100), second

Arief Makmur 06:27 2025-04-17 UTC+2

Trading Signals for GOLD (XAU/USD) for April 16-18, 2025: sell below $3,320 (overbought - 21 SMA)

Early in the American session, gold is trading around 3,312 with a bullish bias after breaking out of the symmetrical triangle. Gold is now likely to continue rising

Dimitrios Zappas 18:20 2025-04-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.