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

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.1223 (closing of yesterday's daily candle) to the upper fractal at 1.1494 (yellow dotted line). When testing this level, the upward movement may continue with the target of 1.1643, the historical resistance level (blue dotted line). Upon reaching this level, the price may roll back down.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.1223 (closing of yesterday's daily candle) to the upper fractal at 1.1494 (yellow dotted line). When testing this level, the upward movement may continue with the target of 1.1643, the historical resistance level (blue dotted line). Upon reaching this level, the price may roll back down.

Alternatively, the price may move upward from the level of 1.1223 (closing of yesterday's daily candle) to the upper fractal at 1.1494 (yellow dotted line). When testing this level, a downward movement is possible with the target of 1.1324, the 14.6% retracement level (yellow dotted line).