Trend analysis (Fig. 1)
GBP/USD has signs of continuing its decline from 1.2483 (closing of yesterday's daily candle) to 1.2422, which is the 76.4% retracement level (blue dotted line). But most likely, upon reaching that price, the pair will turn around and move towards 1.2460, which is a historical resistance level (blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - downtrend
Weekly chart - downtrend
Conclusion: GBP/USD is likely to dip from 1.2483 (closing of yesterday's daily candle) and head towards the 76.4% retracement level at 1.2422 (blue dotted line). Upon reaching this price, the pair will turn around and test the historical resistance level at 1.2460 (blue dotted line).
Alternatively, the pair could slide from 1.2483 (closing of yesterday's daily candle) to the 85.4% retracement level at 1.2392 (blue dotted line), and then rebound to the lower fractal at 1.2420 (blue dotted line).
