FX.co ★ GBP/USD Indicator Analysis on January 4, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2660 (closing of yesterday's daily candle) to 1.2718, the 61.8% pullback level (red dotted line). Upon reaching this level, a continued upward movement is possible with a target at 1.2733, the historical resistance level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from the level of 1.2660 (closing of yesterday's daily candle) to 1.2718, the 61.8% pullback level (red dotted line). Upon reaching this level, a continued upward movement is possible with a target at 1.2733, the historical resistance level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2660 (closing of yesterday's daily candle) to 1.2718, the 61.8% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with a target of 1.2680, the 8-period EMA (blue thin line).