FX.co ★ Indicator analysis: Daily review of GBP/USD for January 7, 2022

Trend analysis (Fig. 1).

The market may move up on Friday from the level of 1.3528 (closing of yesterday's daily candle) to the resistance level at 1.3590 (yellow bold line). After testing this level, the price may continue to move upward to the target level of 1.3677, the 76.4% retracement level (yellow dotted line).

Fig. 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.

General conclusion :

The price may move up from the level of 1.3528 (closing of yesterday's daily candle) to the resistance level at 1.3590 (yellow bold line). After testing this level, the price may continue to move upward to the target level of 1.3677, the 76.4% retracement level (yellow dotted line).

Unlikely scenario: from the level of 1.3528 (closing of yesterday's daily candle), the price may move up to the resistance level at 1.3590 (yellow bold line). After testing this level, the price may start moving down to the target level of 1.3535, the retracement level of 14.6% (red dotted line).