Indicator analysis: Daily review on GBP/USD for January 23, 2020

Trend analysis (Fig. 1).

Expect a downward movement today, with the target of 1.3106, the retracement level of 23.6% presented in a blue dashed line. In case of testing this line, work up with the target and the upper fractal at 1.3153.


Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

The price may move down in the side channel today towards the level of 1.3106 and up.

A downward scenario is unlikely but quite possible. That is, from the level of 1.3106, the pullback level of 23.6% presented in a blue dashed line, work down with the target 1.3062, the support line presented in a red bold line.

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