FX.co ★ Indicator analysis: Daily review of GBP/USD on September 6, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.1513 (close of yesterday's daily candle) to 1.1565, the 14.6% retracement level (blue dotted line). When testing this level, a continued upward movement is possible to 1.1643, the 23.6% retracement level (blue dotted line). From this level, a downward pullback 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 upward from 1.1513 (close of yesterday's daily candle) to 1.1565, the 14.6% retracement level (blue dotted line). When testing this level, a continued upward movement is possible to 1.1643, the 23.6% retracement level (blue dotted line). From this level, a downward pullback is possible.

Alternative scenario: from the level of 1.1513 (close of yesterday's daily candle), the price may move upward to 1.1608, the 8-period EMA (thin blue line). When testing this level, a downward movement is possible to 1.1560, the 261.8% Fibonacci retracement level (red dotted line). Upon reaching this level, the price may resume moving upward with the target of 1.1643, the 23.6% retracement level (blue dotted line).