FX.co ★ Indicator analysis: Daily review of GBP/USD on February 3, 2022

Trend analysis (Fig. 1).

The market may move down on Thursday from the level of 1.3572 (close of yesterday's daily candle) to test 1.3531, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may start moving up to the target level of 1.3598, the 61.8% retracement level (blue dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger bands - up;

- Weekly chart - up.

General conclusion:

The price may move down today from the level of 1.3572 (close of yesterday's daily candle) to test 1.3531, the 23.6% retracement level (red dotted line). Upon reaching this level, the price may start moving up to the target level of 1.3598, the 61.8% retracement level (blue dotted line).

Alternative scenario: from the level of 1.3572 (close of yesterday's daily candle), the price may start to move down to test 1.3498, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may start moving up to the target level of 1.3598, the 61.8% retracement level (blue dotted line).