Trend analysis (Fig. 1)
GBP / USD will most likely move from 1.3828 (closing of yesterday's daily candle) to the 14.6% Fibonacci retracement (yellow dashed line) - 1.3808, which will be followed with a rebound towards the 75.4% retracement level (blue dashed line) - 1.3891 ... Another decline is possible around this level.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion: GBP / USD will most likely drop from 1.3828 (closing of yesterday's daily candle) to the 14.6% Fibonacci retracement (yellow dashed line) - 1.3808. Then, it will be followed by a rebound towards the 75.4% retracement level (blue dashed line) - 1.3891, where another decline is possible.
Unlikely scenario: There is little chance that the pair will decline deeper immediately after a drop from 1.3828 (closing of yesterday's daily candle) to the 14.6% retracement level (yellow dashed line) - 1.3808. As such, it is implausible that the price will hit the 23.6% retracement level (yellow dashed line) - 1.3786, and then rise to the upper fractal (yellow dashed line) - 1.3844.