FX.co ★ Indicator analysis: Daily review of GBP/USD on January 16, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2228 (closing of Friday's daily candle) to 1.2301, the 76.4% retracement level (red dotted line). In the case of testing this level, a downward pullback is possible to 1.2213, the historical support level (blue dotted line). After testing this level, the price may 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 upward from the level of 1.2228 (closing of Friday's daily candle) to 1.2301, the 76.4% retracement level (red dotted line). In the case of testing this level, a downward pullback is possible to 1.2213, the historical support level (blue dotted line). After testing this level, the price may move up.

Alternatively, the price may move upward from the level of 1.2228 (closing of Friday's daily candle) to 1.2301, the 76.4% retracement level (red dotted line). After testing this level, the price may continue to move up.