FX.co ★ Indicator analysis: Daily review of GBP/USD on September 20, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2388 (closing of yesterday's daily candle) to reach the 1.2346 support level (red thick line). In the case of testing this level, an upward movement is possible to 1.2423, the 14.6% pullback level (red dotted 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 bands – down.

General conclusion: Today, the price may move downward from the level of 1.2388 (closing of yesterday's daily candle) to the 1.2346 support level (red thick line). In the case of testing this level, an upward movement is possible to 1.2423, the 14.6% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2388 (closing of yesterday's daily candle) to reach the 1.2346 support level (red dotted line). In the case of testing this level, an upward movement is possible with the target of reaching 1.2457, the 23.6% pullback level (red dotted line).