FX.co ★ Indicator analysis: Daily review of GBP/USD on October 24, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2244 (closing of yesterday's daily candle) to test 1.2316, the 38.2% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible to 1.2397, the historical resistance level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from the level of 1.2244 (closing of yesterday's daily candle) to test 1.2316, the 38.2% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible to 1.2397, the historical resistance level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2244 (closing of yesterday's daily candle) to test 1.2316, the 38.2% pullback level (red dotted line). Upon testing this level, the price may move down.