The pair moved downward on Tuesday and tested a pullback level of 23.6% - 1.2258 (blue dotted line), and after that, the price went up. Today, there is a possibility that the pullback downward movement will continue until the news at 12:15 UTC. Strong calendar news for the pound is expected at 06:30 UTC, and for the dollar at 12:15, 14:00 and 14:30 UTC.

Trend analysis (Fig. 1).

Today, from the level of 1.2423 (closing of the Friday afternoon candle) the pair will continue to move downward with the first target of 1.2258, a retracement level of 23.6% (blue dashed line). I think that no matter where the price is during the 12:15 UTC news, only the upward movement is possible. Or, upon reaching this line, the upward movement will be possible with the target of 1.2518, a retracement level of 61.8% (blue dashed line). From this level, the upward movement will continue.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the pullback downward movemnet is likely to continue with the first target of 1.2258, a retracement level of 23.6% (blue dashed line). Upon reaching this line, there will be a reversal towards an upward movement.

Unlikely scenario: from a retracement level of 23.6% - 1.2258 (blue dashed line) work down with a target of 1.2096 - a retracement level of 38.2% (blue dashed line).