31.12.202010:44 Forex Analysis & Reviews: Indicator analysis. Daily review for the GBP/USD pair on 12/31/20

Trend analysis (Fig. 1)

Today, the price from the level of 1.3620 (closing of yesterday's daily candle) will try to move upwards to the target of 1.3677 – the pullback level of 76.4% (yellow dotted line). After testing this line, the upward movement may continue to the next target of 1.3943 – the pullback level of 85.4% (yellow dotted line).

Figure 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Weekly chart - up

Overall conclusion:

Today, the price from the level of 1.3620 (closing of yesterday's daily candle) will most likely continue rising towards the target of 1.3677 – the pullback level of 76.4% (yellow dotted line). Upon testing this line, the upward movement may continue to the next target of 1.3943 – the pullback level of 85.4% (yellow dotted line).

An alternative scenario: the price from the level of 1.3620 (closing of yesterday's daily candle) may continue to move upwards to the target of 1.3677 – the pullback level of 76.4% (yellow dotted line). After testing this line, a downward pullback is possible, with the target of 1.3481 – the historical support level (blue dashed line).