FX.co ★ Indicator analysis: Daily review of GBP/USD on October 16, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2139 (closing of Friday's daily candle) to 1.2215, the 23.6% pullback level (red dotted line). From this level, the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger bands – down;
• Weekly chart – up.

General conclusion: Today, the price may move upward from the level of 1.2139 (closing of Friday's daily candle) to 1.2215, the 23.6% pullback level (red dotted line). From this level, the price may continue to move up.

Alternatively, the price may move downward from the level of 1.2139 (closing of Friday's daily candle) to the lower fractal at 1.2105 (daily candle from 10/06/2023). Upon reaching this level, an upward movement is possible with a target at 1.2215, the 23.6% pullback level (red dotted line).