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Indicator analysis: Daily review on GBP/USD for February 4, 2020

Trend analysis (Fig. 1).

An upward pullback movement is possible today with the first target 1.3031, the resistance line in a red bold line. In case of testing this level, there is a downward movement with the first target at 1.2975, the lower fractal presented in a red dashed line.

analytics5e390fdd80b9f.png

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - up;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly schedule - up.

General conclusion:

The price can roll back today.

A downward scenario is unlikely but quite possible. That is from the resistance line 1.3031, presented in a red bold line, work up with the target 1.3075, the pullback level of 50.0% presented in a red dashed line.

The material has been provided by InstaForex Company - www.instaforex.com