FX.co ★ Indicator analysis: GBP/USD daily review on February 24, 2022

Trend analysis (Fig. 1)

GBP/USD may continue to dip on Thursday, from 1.3542 (closing of yesterday's daily candle) to 1.3466, which is the 61.8% retracement level (red dotted line). After that it will move to the 61.8% retracement level at 1.3580 (yellow dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - downtrend

Bollinger bands - downtrend

Weekly chart - downtrend

Conclusion: GBP/USD will drop from 1.3542 (closing of yesterday's daily candle) to the 61.8% retracement level at 1.3466 (red dotted line), then go to 1.3580, which is the 61.8% retracement level (yellow dotted line).

Alternatively, the pair could go down from 1.3542 (closing of yesterday's daily candle) to the 61.8% retracement level at 1.3466 (red dotted line), then move lower to the support line at 1.3440 (thick red line). After that it could bounce up to the 50% pullback level at 1.3440 (yellow dotted line).