FX.co ★ Indicator analysis: GBP/USD daily review on December 27, 2023

Trend analysis (Fig. 1)

GBP/USD may continue its upward movement, rising from the level of 1.2720 (closing of yesterday's daily candle) and testing the historical resistance level of 1.2797 (blue dashed line). Upon reaching this, the pair may bounce back to the support line at 1.2779 (thick blue line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volume - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

Weekly chart - uptrend

Conclusion: From the level of 1.2720 (closing of yesterday's daily candle), GBP/USD will climb upwards and test the historical resistance level of 1.2797 (blue dashed line). After this could be a rebound to the support line at 1.2779 (thick blue line).

Alternatively, there may be a rise from 1.2720 (closing of yesterday's daily candle) to the resistance line at 1.2779 (thick blue line), followed by a decline to the historical support level of 1.2733 (blue dashed line).