FX.co ★ Indicator analysis of GBP/USD for April 7, 2022

Trend analysis (Fig. 1).

The market may move up from the level of 1.3064 (close of yesterday's daily candle) to the target of 1.3104, the 23.6% retracement level (red dotted line). In case of testing this level, the price may move up with the target of 1.3141, the 38.2% retracement level (red dotted line). Upon testing this level, the upward movement will continue.

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - up;
• Fibonacci levels - up;
• Volumes - up;
• Candlestick analysis - up;
• Trend analysis - up;
• Bollinger bands - down;
• Weekly chart - up.

General conclusion:

Today, the price may move up from the level of 1.3064 (close of yesterday's daily candle) to the target of 1.3104, the 23.6% retracement level (red dotted line). In case of testing this level, the price may continue to move up with the target of 1.3141, the 38.2% retracement level (red dotted line). Upon testing this level, the upward movement will continue.

Alternative scenario: from the level of 1.3064 (close of yesterday's daily candle), the price may continue to move up with the target of 1.3104, the 23.6% retracement level (red dotted line). When testing this level, a downward pullback is possible with the target at 1.3044, the lower fractal (red dotted line). Upon testing this level, upward movement is possible.