GBP/USD Trend Analysis: Anticipating Downward Movement from Key Level with Target at Pullback Level

Trend analysis (Fig. 1). The GBP/USD currency pair may move downward from the level of 1.2693 (closing of Friday's daily candle) with the target at 1.2640, the 38.2% pullback level (blue dotted line).

Upon reaching this level, an upward movement is possible with the target of 1.2688, the 38.2% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

Indicator analysis - down;

Fibonacci levels - 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 1.2693 (closing of Friday's daily candle) with the target at 1.2640, the 38.2% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2688, the 38.2% pullback level (red dotted line).

 

Alternatively, the price may move downward from the level of 1.2693 (closing of Friday's daily candle) with the target at 1.2627, the 14.6% pullback level (red dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2688, the 38.2% pullback level (red dotted line).

 

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