Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2589 (closing of yesterday's daily candle) to test 1.2555, the 14.6% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2588, the 50% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.2589 (closing of yesterday's daily candle) to test 1.2555, the 14.6% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2588, the 50% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2589 (closing of yesterday's daily candle) to test 1.2578, the 24.6% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2588, the 50% pullback level (red dotted line).
