FX.co ★ Indicator analysis: Daily review of GBP/USD on September 7, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2503 (closing of yesterday's daily candle) with the target at the 1.2472 support level (thick red line). In the case of testing this level, an upward movement is possible to 1.2524, the historical resistance level (blue dotted line).

Fig. 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, the price may move downward from the level of 1.2503 (closing of yesterday's daily candle) with the target at the 1.2472 support level (thick red line). In the case of testing this level, an upward movement is possible to 1.2524, the historical resistance level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2503 (closing of yesterday's daily candle) with the target at 1.2438, the lower limit of the Bollinger band indicator (black dotted line). In the case of testing this level, an upward movement is possible to 1.2524, the historical resistance level (blue dotted line).