Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2704 (closing of yesterday's daily candle) to test 1.2667, the 38.2% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2690, the 50% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger bands – up;
- Weekly chart – down.
General conclusion: Today, the price may move downward from the level of 1.2704 (closing of yesterday's daily candle) to test 1.2667, the 38.2% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2690, the 50% pullback level (blue dotted line).
Alternatively, the price may move downward from the level of 1.2704 (closing of yesterday's daily candle) to test 1.2690, the 50% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2712, the 61.8% pullback level (blue dotted line).
