On Wednesday, the price worked out the bottom of 1.3146, but the market closed above the support line of 1.3170. On Thursday, bears will try to overcome this line.
Trend analysis (Figure 1).
Today, it is most likely that the bears will hit the support line of 1.3149 and will go down with the first target of 1.3054 in the lower fractal level.
Fig. 1 (daily chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - neutral;
- volumes - down;
- candle analysis - neutral;
- trend analysis - up;
- Bollinger lines - up;
- Weekly schedule - up.
General conclusion:
On Wednesday, it is possible for the GBP/USD pair to move down towards the first target of 1.3054 in the lower fractal level (the blue dotted line).
