FX.co ★ Indicator analysis: Daily review of GBP/USD for January 5, 2021

Trend analysis (Fig. 1).

The market may move down on Wednesday from the level of 1.3525 (closing of yesterday's daily candle) to reach the historical support level 1.3481 (blue dotted line). In case of testing this level, the price may move upward to the target level of 1.3539, the resistance line (yellow bold line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Weekly chart - up;

- Bollinger lines - up.

General conclusion:

The price may move down from the level of 1.3525 (closing of yesterday's daily candle) to reach the historical support level 1.3481 (blue dotted line). In case of testing this level, the price may move upward to the target level of 1.3539, the resistance line (yellow bold line).