Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2207 (closing of yesterday's daily candle) to test 1.2113, the 423.6% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible to the lower fractal at 1.2192 (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 – down.
General conclusion: Today, the price may move downward from the level of 1.2207 (closing of yesterday's daily candle) to test 1.2113, the 423.6% pullback level (yellow dotted line). Upon testing this level, an upward movement is possible to the lower fractal at 1.2192 (red dotted line).
Alternatively, the price may move downward from the level of 1.2207 (closing of yesterday's daily candle) to test 1.2040, the lower border of the Bollinger Band indicator (black dotted line). Upon testing this level, the price may move up.
