FX.co ★ Indicator analysis: GBP/USD daily review on December 7, 2023

Trend analysis (Fig. 1)

GBP/USD may continue its downward movement, falling from the level of 1.2555 (closing of yesterday's daily candle) to the support line at 1.2543 (blue bold line). Upon reaching this, it will turn around towards the historical resistance level of 1.2582 (blue dashed line) and move further to higher price levels.

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

volume- downtrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Weekly chart - uptrend

Conclusion: EUR/USD will fall from 1.2555 (closing of yesterday's daily candle) to the support line at 1.2543 (blue bold line), followed by a rise to the historical resistance level of 1.2582 (blue dashed line). Testing this level may lead to further upward movement.

Alternatively, it could decline from 1.2555 (closing of yesterday's daily candle) to the support line at 1.2543 (blue bold line), bounce up to the historical resistance level of 1.2582 (blue dashed line), and then go back to moving downwards.