Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2107 (closing of yesterday's daily candle) to the lower fractal at 1.2036 (red dotted line). In the case of testing this level, an upward movement is possible to the lower fractal at 1.2089 (daily candle from 10/19/2023).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – 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 1.2107 (closing of yesterday's daily candle) to the lower fractal at 1.2036 (red dotted line). In the case of testing this level, an upward movement is possible to the lower fractal at 1.2089 (daily candle from 10/19/2023).
Alternatively, the price may move downward from the level of 1.2107 (closing of yesterday's daily candle) to the target at 1.2079, the 85.4% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible with a target at 1.2139, the 14.6% pullback level (red dotted line).
