FX.co ★ Indicator analysis. Daily review on the GBP/USD currency pair on December 8, 2020

Trend analysis (Fig. 1).

Today, from the level of 1.3381 (closing of yesterday's daily candlestick), the market will try to continue moving downward with the target of 1.3251 - the support line (red bold line). If this level is reached, it is possible to move upward with the target of 1.3290, which is the retracement level of 76.4% (red dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - down
• Fibonacci levels - down
• Volumes - down
• Candlestick analysis - down
• Trend analysis - down
• Bollinger bands - down
• Weekly chart - down

General conclusion:

Today, from the level of 1.3381 (the closing of yesterday's daily candlestick), the price will try to continue moving downward with the target of 1.3251 - the support line (red bold line). If this level is reached, it is possible to move upward with the target of 1.3290, which is the retracement level of 76.4% (red dotted line).

Unlikely scenario: A downward movement with a target of 1.3333 - 23.6% pullback level (blue dotted line). If this level is reached, an upward movement is possible with the target of 1.3361 - an 85.4% pullback level (red dotted line).