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Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2625 (closing of yesterday's daily candle) to test the historical support level of 1.2611 (blue dotted line). Upon reaching this level, an upward movement is possible to test the 23.6% pullback level at 1.2639 (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move downward from the level of 1.2625 (closing of yesterday's daily candle) to test the historical support level of 1.2611 (blue dotted line). Upon reaching this level, an upward movement is possible to test the 23.6% pullback level at 1.2639 (yellow dotted line).
Alternatively, from the level of 1.2625 (closing of yesterday's daily candlestick), the price may move downward to test the 50% pullback level at 1.2588 (red dotted line). Upon reaching this level, an upward movement is possible to test the 23.6% pullback level at 1.2639 (yellow dotted line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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