FX.co ★ Indicator Analysis of GBP/USD on January 16, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2724 (closing of yesterday's daily candle) to test 1.2639, the 23.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible to test the 1.2699 resistance level (blue thick line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2724 (closing of yesterday's daily candle) to test 1.2639, the 23.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible to test the 1.2699 resistance level (blue thick line).

Alternatively, the price may move downward from the level of 1.2724 (closing of yesterday's daily candlestick) to test 1.2610, the historical support level (blue dotted line). Upon reaching this level, an upward movement is possible to test the 1.2699 resistance level (blue thick line).