FX.co ★ Indicator analysis: Daily review of GBP/USD on November 3, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2197 (closing of yesterday's daily candle) to 1.2264, the 23.6% pullback level (yellow dotted line). In the case of testing this level, a continued upward movement is possible with a target at 1.2291, the 14.6% pullback level (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – 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 1.2197 (closing of yesterday's daily candle) to 1.2264, the 23.6% pullback level (yellow dotted line). In the case of testing this level, a continued upward movement is possible with a target at 1.2291, the 14.6% pullback level (yellow dotted line).

Alternatively, the price may move upward from the level of 1.2197 (closing of yesterday's daily candle) to 1.2264, the 23.6% pullback level (yellow dotted line). In the case of testing this level, a downward movement is possible with a target at 1.2220, the 38.2% pullback level (yellow dotted line).