Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2379 (closing of yesterday's daily candle) to test the 1.2356 support level (red thick line). Upon testing this level, an upward movement is possible to 1.2423, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.2379 (closing of yesterday's daily candle) to test the 1.2356 support level (red thick line). Upon testing this level, an upward movement is possible to 1.2423, the 14.6% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.2379 (closing of yesterday's daily candle) to test 1.2457, the 23.6% pullback level (red dotted line).
