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Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2547 (closing of yesterday's daily candle) to test the 14.6% pullback level at 1.2590 (red dotted line). Upon reaching this level, a continued upward movement is possible to test the 23.6% pullback level at 1.2622 (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion: Today, the price may move upward from the level of 1.2547 (closing of yesterday's daily candle) to test the 14.6% pullback level at 1.2590 (red dotted line). Upon reaching this level, a continued upward movement is possible to test the 23.6% pullback level at 1.2622 (red dotted line).
Alternatively, from the level of 1.2547 (closing of yesterday's daily candlestick), the price may move downward to test the lower fractal at 1.2518 (yellow dotted line). Upon reaching this level, an upward movement is possible to test the 14.6% pullback level at 1.2590 (red dotted line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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