FX.co ★ Indicator Analysis of GBP/USD on February 6, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2532 (closing of yesterday's daily candle) to test the 14.6% pullback level at 1.2554 (blue dotted line). Upon reaching this level, a continued upward movement is possible to test the 23.6% pullback level at 1.2577 (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – 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 1.2532 (closing of yesterday's daily candle) to test the 14.6% pullback level at 1.2554 (blue dotted line). Upon reaching this level, a continued upward movement is possible to test the 23.6% pullback level at 1.2577 (blue dotted line).

Alternatively, the price may move upward from the level of 1.2532 (closing of yesterday's daily candlestick) to test the 14.6% pullback level at 1.2554 (blue dotted line). Upon reaching this level, the price may move down.