FX.co ★ Indicator analysis: Daily review of GBP/USD on December 4, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2707 (closing of Friday's daily candle) to 1.2661, the 5-day EMA (red thin line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.2744 (red dotted line), where further upward movement is possible.

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 1.2707 (closing of Friday's daily candle) to 1.2661, the 5-day EMA (red thin line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.2744 (red dotted line), where further upward movement is possible.

Alternatively, the price may move downward from the level of 1.2707 (closing of Friday's daily candle) to 1.2635, the 14.6% pullback level (yellow dotted line).