FX.co ★ Indicator analysis: Daily review of GBP/USD on January 17, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2191 (closing of yesterday's daily candle) to 1.2301, the 76.4% retracement level (red dotted line). When testing this level, continued upward movement is possible to 1.2327, the upper limit of the Bollinger line indicator (black dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - 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 1.2191 (closing of yesterday's daily candle) to 1.2301, the 76.4% retracement level (red dotted line). When testing this level, continued upward movement is possible to 1.2327, the upper limit of the Bollinger line indicator (black dotted line).

Alternatively, the price may move upward from the level of 1.2191 (closing of yesterday's daily candle) to 1.2254, the 14.6% retracement level (yellow dotted line). When this level is reached, the price may move down.