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

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2139 (closing of yesterday's daily candle) to 1.2089, the lower fractal (daily candle from 19/10/2023). In the case of testing this level, an upward movement is possible with a target at 1.2215, the 23.6% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2139 (closing of yesterday's daily candle) to 1.2089, the lower fractal (daily candle from 19/10/2023). In the case of testing this level, an upward movement is possible with a target at 1.2215, the 23.6% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2139 (closing of yesterday's daily candle) to 1.2050, the lower fractal (red dotted line). Upon reaching this level, an upward movement is possible with a target at 1.2216, the 21-period EMA (thin black line).