FX.co ★ Indicator analysis: Daily review of GBP/USD on November 8, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1509 (close of yesterday's daily candle) to 1.1418, the historical support level (blue dotted line). When testing this level, an upward movement is possible to 1.1635, the upper fractal (yellow dotted line). From this level, the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

• indicator analysis - up;
• Fibonacci levels - up;
• volumes - up;
• candlestick analysis - up;
• trend analysis - up;
• Bollinger bands - up;
• weekly chart - up.

General conclusion:

Today, the price may move downward from the level of 1.1509 (close of yesterday's daily candle) to 1.1418, the historical support level (blue dotted line). When testing this level, an upward movement is possible to 1.1635, the upper fractal (yellow dotted line). From this level, the price may continue to move up.

Alternatively, the price may move downward from the level of 1.1509 (close of yesterday's daily candle) to 1.1363, the 38.2% retracement level (yellow dotted line). When testing this level, the price may move up.