FX.co ★ Indicator analysis: Daily review of GBP/USD on October 7, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1147 (close of yesterday's daily candle) to 1.1053, the 38.2% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1204, the 61.8% retracement level (blue dotted line). Upon reaching this level, the price may move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion :

Today, the price may move downward from the level of 1.1147 (close of yesterday's daily candle) to 1.1053, the 38.2% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1204, the 61.8% retracement level (blue dotted line). Upon reaching this level, the price may move up.

Alternatively, the price may move downward from the level of 1.1147 (close of yesterday's daily candle) to 1.0918, the 50.0% retracement level (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of 1.1204, the 61.8% retracement level (blue dotted line). When testing this level, the price may move up.