FX.co ★ Indicator analysis: Daily review of GBP/USD on November 20, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2458 (closing of Friday's daily candlestick) to the upper fractal at 1.2504 (yellow dotted line). Upon reaching this level, a downward 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 – 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 1.2458 (closing of Friday's daily candlestick) to the upper fractal at 1.2504 (yellow dotted line). Upon reaching this level, a downward movement is possible with a target of 1.2474, the 61.8% pullback level (red dotted line).

Alternatively, the price may move upward from the level of 1.2458 (closing of Friday's daily candlestick) to 1.2513, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with a target of 1.2474, the 61.8% pullback level (red dotted line).