FX.co ★ Indicator analysis: Daily review of GBP/USD on November 16, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2411 (closing of yesterday's daily candle) to 1.2363, the historical support level (blue dotted line). Upon reaching this level, an upward movement is possible with a target of 1.2474, the 61.8% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2411 (closing of yesterday's daily candle) to 1.2363, the historical support level (blue dotted line). Upon reaching this level, an upward movement is possible with a target of 1.2474, the 61.8% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2411 (closing of yesterday's daily candle) to 1.2340, the 38.2% pullback level (yellow dotted line). Upon reaching this level, the price may move upward with a target of 1.2443, the 14.6% pullback level (yellow dotted line).