FX.co ★ Indicator analysis: Daily review of GBP/USD on October 17, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2210 (closing of yesterday's daily candle) to test 1.2152, the 14.6% pullback level (red dotted line). Upon testing this level, an upward movement is possible to the 1.2285 resistance level (red thick line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2210 (closing of yesterday's daily candle) to test 1.2152, the 14.6% pullback level (red dotted line). Upon testing this level, an upward movement is possible to the 1.2285 resistance level (red thick line).

Alternatively, the price may move downward from the level of 1.2210 (closing of yesterday's daily candle) to test the lower fractal at 1.2121 (daily candle from 13/10/2023). Upon testing this level, an upward movement is possible to the 1.2285 resistance level (red thick line).