Trend analysis (Fig. 1)
GBP/USD may continue its downward movement, falling from the level of 1.2555 (closing of yesterday's daily candle) to the support line at 1.2543 (blue bold line). Upon reaching this, it will turn around towards the historical resistance level of 1.2582 (blue dashed line) and move further to higher price levels.
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
volume- downtrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Weekly chart - uptrend
Conclusion: EUR/USD will fall from 1.2555 (closing of yesterday's daily candle) to the support line at 1.2543 (blue bold line), followed by a rise to the historical resistance level of 1.2582 (blue dashed line). Testing this level may lead to further upward movement.
Alternatively, it could decline from 1.2555 (closing of yesterday's daily candle) to the support line at 1.2543 (blue bold line), bounce up to the historical resistance level of 1.2582 (blue dashed line), and then go back to moving downwards.
