FX.co ★ Technical analysis of GBP/USD for April 2022

Trend analysis

GBP/USD will attempt to move up from 1.3133 (the closing of the March monthly candle) to 1.3298, which is the historical resistance level (blue dotted line). Upon reaching it, the pair will move to the 76.4% retracement level at 1.3621 (red dotted line), then go back downwards.

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend with no lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

And throughout the month, the pair will climb from 1.3133 (the closing of the March monthly candle) to the historical resistance level at 1.3298 (blue dotted line), then go further up to the 76.4% retracement level at 1.3621 (red dotted line). A rollback downwards is possible, immediately after the aforementioned price movements.

Alternatively, the pair could decrease from 1.3133 (the closing of the March monthly candle) to the support line at 1.3025 (thick red line), then move to the historical resistance level at 1.3296 (blue dotted line). A further rise is possible, immediately after the aforementioned price movements.