03.10.202309:40 Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on October 3, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2083 (closing of yesterday's daily candle) to test 1.2015, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible to the lower fractal at 1.2109 (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger bands – down;
• Weekly chart – down.

General conclusion: Today, the price may move downward from the level of 1.2083 (closing of yesterday's daily candle) to test 1.2015, the historical support level (blue dotted line). Upon testing this level, an upward movement is possible to the lower fractal at 1.2109 (red dotted line).

Alternatively, the price may move downward from the level of 1. 1.2083 (closing of yesterday's daily candle) to test the 1.2049 support level (red thick line). Upon testing this level, an upward movement is possible to the lower fractal at 1.2109 (red dotted line).