FX.co ★ Indicator analysis: Daily review of GBP/USD on February 8, 2022

Trend analysis (Fig. 1).

The market may move down on Tuesday from the level of 1.3532 (close of yesterday's daily candle) to the target level of 1.3459, the 61.8% retracement level (red dotted line). When testing this level, the price may move up to the target level of 1.3505, the 38.2% 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 - down.

General conclusion:

The price may move down from the level of 1.3532 (close of yesterday's daily candle) to the target level of 1.3459, the 61.8% retracement level (red dotted line). When testing this level, the price may move up to the target level of 1.3505, the 38.2% retracement level (blue dotted line).

Alternative scenario: from the level of 1.3532 (close of yesterday's daily candle), the price may continue moving down to the target level of 1.3459, the 61.8% retracement level (red dotted line). When testing this level, the downward movement may continue to the target level of 1.3388, the support line (bold red line).