FX.co ★ Indicator analysis: Daily review of GBP/USD on January 20, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.2387 (closing of yesterday's daily candle) to 1.2347, the 14.6% retracement level (blue dotted line). From this level, an upward movement is possible to the upper fractal at 1.2434 (blue dotted line). Upon reaching 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 1.2387 (closing of yesterday's daily candle) to 1.2347, the 14.6% retracement level (blue dotted line). From this level, an upward movement is possible to the upper fractal at 1.2434 (blue dotted line). Upon reaching this level, the price may continue to move up.

Alternatively, the price may move downward from the level of 1.2387 (closing of yesterday's daily candle) to 1.2326, the 5-day EMA (thin red line). Upon reaching this level, the price may move up.