FX.co ★ Indicator analysis: Daily review of GBP/USD on November 15, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2495 (closing of yesterday's daily candle) to 1.2441, the 14.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible to 1.2577, the 76.4% pullback level (red dotted line). A test of the said level may lead to a price decline.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2495 (closing of yesterday's daily candle) to 1.2441, the 14.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible to 1.2577, the 76.4% pullback level (red dotted line). A test of the said level may lead to a price decline.

Alternatively, the price may move downward from the level of 1.2495 (closing of yesterday's daily candle) to 1.2401, the 23.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.2504 (yellow dotted line).