FX.co ★ Indicator analysis: Daily review of GBP/USD on November 8, 2023

Trend analysis (Fig. 1).

The EUR/USD currency pair may move downward from the level of 1.0699 (closing of yesterday's daily candle) to 1.0658, the 38.2% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible with a target at 1.0721, the 14.6% pullback level (yellow dotted line), where the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.0699 (closing of yesterday's daily candle) to 1.0658, the 38.2% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible with a target at 1.0721, the 14.6% pullback level (yellow dotted line), where the price may continue to move up.

Alternatively, the price may move downward from the level of 1.0699 (closing of yesterday's daily candle) to 1.0681, the 5-day EMA (red thin line). In the case of testing this level, an upward movement is possible with a target at 1.0721, the 14.6% pullback level (yellow dotted line), where the price may continue to move up.