FX.co ★ Indicator Analysis. Daily review for the GBP/USD currency pair 02/04/21

Yesterday, the pair moved down, tested almost the lower fractal of 1.3610 (the daily candle from 02/02/2021) and went up, closing the daily candle at 1.3640. Today, the price may continue to go down according to the economic calendar news, it is expected at 9.30 and 12.00 UTC (pound) and 13.30 UTC (dollar).

Trend Analysis (Fig. 1).

Today, the market may continue to go down from the level of 1.3640 (the closing of yesterday's daily candle) with the target of 1.3519 at the lower fractal (the daily candle from 01/18/2021). When testing this line, it is possible to continue going downward with a target of 1.3481 at the historical support level (blue dotted line).

Figure 1 (daily chart).

Comprehensive Analysis:

- Indicator Analysis – down

- Fibonacci Levels – down

- Volumes – down

- Candle Analysis – down

- Trend Analysis – down

- Bollinger Bands – down

- Weekly Chart – down

General Conclusion:

Today, the price can continue to go down from the level of 1.3640 (the closing of yesterday's daily candle) with the target of 1.3519 at the lower fractal (the daily candle from 01/18/2021). When testing this line, it is possible to continue going downward with a target of 1.3481 at the historical support level (blue dotted line).

Alternative scenario: from the level of 1.3640 (the closing of yesterday's daily candle), it may continue to go down with the target of 1.3519 at the lower fractal (the daily candle from 01/18/2021). When testing this level, it is possible to go up with a target of 1.3676 – a retracement level of 76.4% (yellow dotted line).