FX.co ★ Indicator Analysis of GBP/USD on January 29, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from 1.2698 (closing of Friday's daily candlestick) to 1.2719, the 61.8% pullback level (red dotted line). From this level, a downward movement is possible to 1.2690, the 50% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from 1.2698 (closing of Friday's daily candlestick) to 1.2719, the 61.8% pullback level (red dotted line). From this level, a downward movement is possible to 1.2690, the 50% pullback level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2698 (closing of Friday's daily candlestick) to 1.2719, the 61.8% pullback level (red dotted line). From this level, a continued upward movement is possible with a target of 1.2733, the historical resistance level (blue dotted line).