05.02.202409:29 Forex Analysis & Reviews: Indicator Analysis of GBP/USD on February 5, 2024

The GBP/USD currency pair moved downward on Friday, almost testing the historical support level of 1.2611 (blue dotted line), and then the price went up a little, closing the daily candle at 1.2629. Today, an upward movement is possible. Economic calendar news is expected at 14:45 and 15:00 UTC (dollar).

Trend analysis (Fig. 1).

On Monday, the price may move upward from the level of 1.2629 (closing of Friday's daily candle) to the lower fractal at 1.2672 (blue dotted line). From this level, a downward movement is possible with a target of 1.2640, the 23.6% pullback level (blue dotted line), where the price may resume upward movement to 1.2667, the 38.2% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from the level of 1.2629 (closing of Friday's daily candle) to the lower fractal at 1.2672 (blue dotted line). From this level, a downward movement is possible with a target of 1.2640, the 23.6% pullback level (blue dotted line), where the price may resume upward movement to 1.2667, the 38.2% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2629 (closing of Friday's daily candle) to 1.2588, the 50% pullback level (red dotted line). From this level, an upward movement is possible with a target of 1.2640, the 23.6% pullback level (blue dotted line).