FX.co ★ Technical analysis of GBP/USD for April 18-23, 2022

Trend analysis (Fig. 1)

GBP/USD will increase this week, from 1.3057 (closing of the last weekly candle) to the historical resistance level at 1.3200 (blue dotted line). Then, it will move to the 23.6% retracement level at 1.3272 (yellow dotted line) and the 21 EMA at 1.3330 (black thin line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

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

Conclusion: The pair will have an upward trend, with a first lower shadow on the weekly white candle (Monday - downtrend) and no second upper shadow (Friday - uptrend).

And throughout the week, the pair will rise from 1.3057 (closing of the last weekly candle) to the historical resistance level at 1.3200 (blue dotted line). Upon reaching that, it will go to the 23.6% retracement level at 1.3272 (yellow dotted line) and the 21 EMA at 1.3330 (black thin line).

Alternatively, the pair could fall from 1.3057 (closing of the last weekly candle) to the support line at 1.2953 (thick white line), then move to the 14.6% retracement level at 1.3157 (yellow dotted line).