FX.co ★ Indicator analysis: Daily review of GBP/USD on January 12, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2144 (closing of yesterday's daily candle) to 1.2214, the 61.8% retracement level (red dotted line). In the case of testing this level, continued upward movement is possible to 1.2301, the 76.4% retracement level (red dotted line).

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 upward from the level of 1.2144 (closing of yesterday's daily candle) to 1.2214, the 61.8% retracement level (red dotted line). In the case of testing this level, continued upward movement is possible to 1.2301, the 76.4% retracement level (red dotted line).

Alternatively, the price may move upward from the level of 1.2144 (closing of yesterday's daily candle) to 1.2214, the 61.8% retracement level (red dotted line). When testing this level, a downward movement is possible to 1.2137, the 23.6% retracement level (yellow dotted line). After reaching this level, the price may move up.