FX.co ★ Indicator analysis. Daily review of GBP/USD for September 16, 2021

The pair traded upward on Wednesday, and tested 1.3836 - the 61.8% retracement level (yellow dotted line), closing the daily candle at 1.3836. Today, the price may move downward. News is expected at 12:30 UTC (dollar).

Trend analysis (Fig. 1).

The market may move downward from the level of 1.3836 (closing of yesterday's daily candle) to the target of 1.3791 - the 50.0% retracement level (yellow dashed line). When testing this level, the price may begin to move upward with the target of 1.3891 - the 76.4% retracement level (yellow dashed line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

Today, the price may move downward from the level of 1.3836 (closing of yesterday's daily candle) to the target of 1.3791 - the 50.0% retracement level (yellow dashed line). When testing this level, the price may begin to move upward with the target of 1.3891 - the 76.4% retracement level (yellow dashed line).

Alternative scenario: the price may move downward from the level of 1.3836 (closing of yesterday's daily candle) to the target of 1.3791 - the 50.0% retracement level (yellow dashed line). When testing this level, the price may continue to move downward with the target of 1.3769 - the support line (yellow bold line), where an upward pullback is expected.