FX.co ★ Indicator analysis: Daily review of GBP/USD on October 9, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2200 (opening of today's daily candlestick) to 1.2152, the 14.6% pullback level (red dotted line). If this level is reached, the price may move upward.

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 – up.

General conclusion: Today, the price may move downward from the level of 1.2200 (opening of today's daily candlestick) to 1.2152, the 14.6% pullback level (red dotted line). If this level is reached, the price may move upward.

Alternatively, the price may move upward from level 1.2200 (opening of today's daily candle) to the 1.2244 resistance level (red thick line). Upon reaching this level, a downward movement is possible with a target of 1.2213, the historical support level (blue dotted line).