FX.co ★ Indicator analysis: Daily review of GBP/USD on November 6, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2379 (closing of Friday's daily candlestick) to 1.2341, the 14.6% pullback level (yellow dotted line). Upon reaching this level, the price may move upward with a target at 1.2473, the 61.8% pullback level (red 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 downward from the level of 1.2379 (closing of Friday's daily candlestick) to 1.2341, the 14.6% pullback level (yellow dotted line). Upon reaching this level, the price may move upward with a target at 1.2473, the 61.8% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2379 (closing of Friday's daily candlestick) to 1.2312, the 23.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible to the upper fractal at 1.2388 (red dotted line).