20.02.202009:18 Forex Analysis & Reviews: Indicator analysis. Daily review of GBP/USD on February 20, 2020

The pair moved down on Wednesday and tested the support line 1.2912 (red bold line). Today, strong calendar news for the pound is expected at 09:30 UTC, and for the dollar at 13:30 and 16:00 UTC. The downward movement may continue today with the first target 1.2872, the lower fractal (red dashed line).

Trend analysis (Fig. 1).

Today, from the resistance line 1.2922 (red bold line), a downward movement is possible with the target 1.2872 - the lower fractal (red dashed line). If this level is reached, work upward with the target 1.2922, the resistance line (red bold line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - down;

- Weekly schedule - down.

General conclusion:

Today, the price may continue to move down.

An unlikely but quite possible scenario is from the bottom fractal 1.2872 (red dashed line), work down with the target 1.2700, the retracement level of 61.8% (yellow dashed line).