FX.co ★ Indicator analysis of GBP/USD for February 17, 2022

Trend analysis (Fig. 1).

The market may move down on Thursday from the level of 1.3580 (close of yesterday's daily candle) to test the level of 1.3554, the 8-day EMA (thin blue line). Upon reaching this level, the price may start to move up to the target level of 1.3629, the resistance line (thick yellow 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 from the level of 1.3580 (close of yesterday's daily candle) to test the level of 1.3554, the 8-day EMA (thin blue line). Upon reaching this level, the price may start to move up to the target level of 1.3629, the resistance line (thick yellow line).

Alternative scenario: from the level of 1.3580 (close of yesterday's daily candle), the price may roll back down to test 1.3533, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may start to move up to the target level of 1.3629, the resistance line (thick yellow line).