FX.co ★ Indicator analysis: Daily review of GBP/USD on September 20, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.1429 (close of yesterday's daily candle) to 1.1496, the 38.2% retracement level (blue dotted line). When testing this level, continued upward movement is possible to 1.1544, the 50.0% retracement level (blue dotted line). From this level, the price may move down.

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 the level of 1.1429 (close of yesterday's daily candle) to 1.1496, the 38.2% retracement level (blue dotted line). When testing this level, continued upward movement is possible to 1.1544, the 50.0% retracement level (blue dotted line). From this level, the price may move down.

Alternative scenario: from the level of 1.1429 (close of yesterday's daily candle), the price may move upward to 1.1496, the 38.2% retracement level (blue dotted line). When testing this level, a downward movement is possible to the historical support level of 1.1421 (blue dotted line). Upon reaching this level, the price may move upward to 1.1544, the 50.0% retracement level (blue dotted line).