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

Trend analysis

GBP/USD will move up in September, starting from the closing of the August monthly candle at 1.1618 to the 14.6% retracement level at 1.1982 (red dotted line). Upon reaching it, the quote will continue rising to the 23.6% retracement level at 1.2218 (red dotted line), then roll back downwards.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

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

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

Throughout the month, quotes will climb from 1.1618 (closing of the August monthly candle) to the 14.6% retracement level at 1.1982 (red dotted line), go to the 23.6% retracement level at 1.2218 (red dotted line), then turn downwards.

Alternatively, pound could decrease from 1.1618 (closing of the August monthly candle) to the historical support level at 1.1443 (blue dotted line), then bounce up to the 14.6% retracement level at 1.1982 (red dotted line).