FX.co ★ GBP/USD indicator analysis; Daily review for December 8, 2021

Trend analysis (Fig. 1).

The market may move up on Wednesday, from the level of 1.3239 (closing of Tuesday's daily candle) to 1.3287 - the 14.6% retracement level (yellow dashed line). In case of testing this level, continued upward movement is possible to 1.3344 - the 23.6% retracement level (yellow dashed line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Weekly chart - up;

- Bollinger lines - up.

General conclusion:

The price may move up from the level of 1.3239 (closing of Tuesday's daily candle) to 1.3287 - the 14.6% retracement level (yellow dashed line). In case of testing this level, continued upward movement is possible to 1.3344 - the 23.6% retracement level (yellow dashed line).

Unlikely scenario: downward movement from the level of 1.3239 (closing of Tuesday's daily candle) to reach the lower fractal at 1.3193 (yellow dashed line). In case of testing this level, the price may begin to move up with the target of 1.3287 - the 14.6% retracement level (yellow dashed line).