FX.co ★ Indicator Analysis of GBP/USD on February 20, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2589 (closing of yesterday's daily candle) to test 1.2555, the 14.6% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2588, the 50% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2589 (closing of yesterday's daily candle) to test 1.2555, the 14.6% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2588, the 50% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2589 (closing of yesterday's daily candle) to test 1.2578, the 24.6% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible to test 1.2588, the 50% pullback level (red dotted line).