20.01.202008:17 Forex Analysis & Reviews: Indicator analysis: Daily review on GBP/USD for January 20, 2020

The pair moved up on Friday and reached the resistance line 1.3119, presented in a red dotted line. After that, the price quickly went down. Strong calendar news is not expected today. Perhaps there is a continuation of work down to the support line 1.2983 presented in a red bold line.

Trend analysis (Fig. 1).

As the price moves down today, it can test the support line 1.2983, presented in a red bold line. Only after that can it start moving up to the target of 1.3080, the pullback level of 38.2% presented in a red dashed line. If this line is reached, the market can continue to work up with the target and the upper fractal 1.3119.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price may start to move up.

A downward scenario is unlikely but quite possible. That is, from the resistance line 1.2983, presented in a red bold line, continue to work down with the target 1.2954, the lower fractal in a red dashed line.