FX.co ★ Indicator analysis: Daily review of GBP/USD on August 23, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1762 (close of yesterday's daily candle) to 1.1648, the lower limit of the Bollinger line indicator (black dotted line). When testing this level, the price may move upward to 1.1842, the 14.6% retracement level (red dotted line). From this level, continued upward move is possible.

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 downward from the level of 1.1762 (close of yesterday's daily candle) to 1.1648, the lower limit of the Bollinger line indicator (black dotted line). When testing this level, the price may move upward to 1.1842, the 14.6% retracement level (red dotted line). From this level, continued upward move is possible.

Alternative scenario: from the level of 1.1762 (close of yesterday's daily candle), the price may move downward to 1.1716 (the current level). When testing this level, an upward movement is possible to 1.1842, the 14.6% retracement level (red dotted line). From this level, the price may continue to move up.