FX.co ★ Indicator analysis: Daily review of GBP/USD on December 6, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2589 (closing of yesterday's daily candle) to 1.2641, the 85.4% pullback level (red dotted line). When testing this level, a continued upward movement is possible to the upper fractal at 1.2732 (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from the level of 1.2589 (closing of yesterday's daily candle) to 1.2641, the 85.4% pullback level (red dotted line). When testing this level, a continued upward movement is possible to the upper fractal at 1.2732 (yellow dotted line).

Alternatively, the price may move upward from the level of 1.2589 (closing of yesterday's daily candle) to 1.2641, the 85.4% pullback level (red dotted line). When testing this level, a downward movement is possible with a target of 1.2518, the historical support level (blue dotted line).