FX.co ★ Indicator analysis: Daily review of GBP/USD on November 16, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.1862 (close of yesterday's daily candle) to the upper fractal at 1.2026 (yellow dotted line). In the case of testing this level, a downward movement is possible to 1.1897, the 14.6% retracement level (yellow dotted line). When testing this level, the price may move up.

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.1862 (close of yesterday's daily candle) to the upper fractal at 1.2026 (yellow dotted line). In the case of testing this level, a downward movement is possible to 1.1897, the 14.6% retracement level (yellow dotted line). When testing this level, the price may move up.

Alternatively, the price may move upward from the level of 1.1862 (close of yesterday's daily candle) to 1.1904, the historical resistance level (blue dotted line). In the case of testing this level, a downward movement is possible to 1.1689, the 38.2% retracement level (yellow dotted line). When testing this level, the price may move up.