Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2337 (closing of yesterday's daily candle) to the lower fractal at 1.2303 (red dotted line). In the case of testing this level, an upward movement is possible with a target of 1.2370, the 14.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.2337 (closing of yesterday's daily candle) to the lower fractal at 1.2303 (red dotted line). In the case of testing this level, an upward movement is possible with a target of 1.2370, the 14.6% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2337 (closing of yesterday's daily candle) to the lower fractal at 1.2303 (red dotted line). In the case of testing this level, an upward movement is possible with a target of 1.2407, the 23.6% pullback level (red dotted line).
