Trend analysis (Fig. 1)
Following a downward movement from the level of 1.2792 (closing price of yesterday's daily candle) to the 61.8% retracement level of 1.2748 (red dashed line), GBP/USD will rise on Friday, most likely towards the 50% retracement level of 1.2864 (blue dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - downtrend
Bollinger bands - downtrend
Weekly chart - downtrend
Conclusion: GBP/USD will decline from the level of 1.2792 (closing price of yesterday's daily candle) to the 61.8% retracement level of 1.2748 (red dashed line), and then rise towards the 50% retracement level of 1.2864 (blue dashed line).
Alternatively, the pair may rise straight away from the level of 1.2792 (closing price of yesterday's daily candle) to the 50% retracement level of 1.2864 (blue dashed line).
