FX.co ★ Indicator analysis: Daily review of GBP/USD on December 5, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from 1.2628 (closing of yesterday's daily candle) to test the upper fractal at 1.2723 (daily candle from 04/12/2023). After this, a continued upward movement is possible to test the 1.2744 resistance level (blue thick line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from 1.2628 (closing of yesterday's daily candle) to test the upper fractal at 1.2723 (daily candle from 04/12/2023). After this, a continued upward movement is possible to test the 1.2744 resistance level (blue thick line).

Alternatively, the price may move upward from 1.2628 (closing of yesterday's daily candle) to test the upper fractal at 1.2723 (daily candle from 04/12/2023). After this, a downward movement is possible to test 1.2641, the 85.4% pullback level (red dotted line).