FX.co ★ Indicator analysis: Daily review of GBP/USD on October 5, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1471 (close of yesterday's daily candle) to 1.1320, the 14.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1488 (yellow dotted line). When testing this level, the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – up;
• Weekly chart – up;
• Bollinger Bands – up.

General conclusion:

Today the price may move downward from the level of 1.1471 (close of yesterday's daily candle) to 1.1320, the 14.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1488 (yellow dotted line). When testing this level, the price may continue to move up.

Alternatively, the price may move down from the level of 1.1471 (close of yesterday's daily candle) to 1.1217, the 23.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1488 (yellow dotted line). When testing this level, the price may continue to move up.