FX.co ★ Indicator analysis. Daily review of GBP/USD on January 20, 2021

Trend analysis (Fig. 1)

The price from the level of 1.3608 (closing of yesterday's daily candle) is expected to continue rising today in order to test the level of 1.3677 – the pullback level of 76.4% (yellow dotted line). After reaching this level, it may make an attempt to further rise to the target of 1.3737 – the pullback level of 85.4% (yellow dotted line).

Fig 1 (daily chart)

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3608 (closing of yesterday's daily candle) will resume its growth to test the level of 1.3677 – the pullback level of 76.4% (yellow dotted line). Once this level is tested, the upward movement may continue to the target of 1.3737 – the pullback level of 85.4% (yellow dotted line).

Alternatively, the price from the level of 1.3608 (closing of yesterday's daily candle) will decline to the target of 1.3562 – the support line (thick yellow line) and then rise upon reaching this line.