FX.co ★ Indicator Analysis of GBP/USD on January 17, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2632 (closing of yesterday's daily candle) to 1.2588, the 50% pullback level (red dotted line). In the case of testing this level, an upward movement is possible with a target of 1.2639, the 23.6% pullback level (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2632 (closing of yesterday's daily candle) to 1.2588, the 50% pullback level (red dotted line). In the case of testing this level, an upward movement is possible with a target of 1.2639, the 23.6% pullback level (yellow dotted line).

Alternatively, the price may move downward from the level of 1.2632 (closing of yesterday's daily candle) to 1.2611, the historical support level (blue dotted line). In the case of testing this level, an upward movement is possible with a target of 1.2639, the 23.6% pullback level (yellow dotted line).