Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2623 (closing of yesterday's daily candle) to test 1.2582, the historical support level (blue dotted line). Upon reaching this level, an upward movement is possible to test the 1.2656 resistance level (blue thick line). Upon testing this level, the price may continue to move upward.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.2623 (closing of yesterday's daily candle) to test 1.2582, the historical support level (blue dotted line). Upon reaching this level, an upward movement is possible to test the 1.2656 resistance level (blue thick line). Upon testing this level, the price may continue to move upward.
Alternatively, the price may move downward from the level of 1.2623 (closing of yesterday's daily candle) to test 1.2559, the 14.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible to test the 1.2653 resistance level (blue thick line).
