FX.co ★ Indicator analysis: Daily review of GBP/USD on January 31, 2022

Trend analysis (Fig. 1).

The market may move up on Monday from the level of 1.3396 (close of Friday's daily candle) to the target level of 1.3448, the 23.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upward to the target level of 1.3505, the 38.2% retracement level (blue dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger bands - up;

- Weekly chart - up.

General conclusion:

The price may move up today from the level of 1.3396 (close of Friday's daily candle) to the target level of 1.3448, the 23.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upward to the target level of 1.3505, the 38.2% retracement level (blue dotted line).

Alternative scenario: from the level of 1.3396 (close of Friday's daily candle), the price may continue to move upward to the target level of 1.3422, the 38.2% retracement level (yellow dotted line). Upon reaching this level, the price may move down to the target level of 1.3357, the lower fractal (blue dotted line).