FX.co ★ Indicator analysis: Daily review of GBP/USD on August 3, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2166 (close of yesterday's daily candle) to 1.2196, the 76.4% retracement level (red dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.2247, the 85.4% retracement level (red dotted line). From 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 1.2166 (close of yesterday's daily candle) to 1.2196, the 76.4% retracement level (red dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.2247, the 85.4% retracement level (red dotted line). From this level, the price may move up.

Alternative scenario: from the level of 1.2166 (close of yesterday's daily candle), the price may move upward to 1.2196, the 76.4% retracement level (red dotted line). In the case of testing this level, a downward movement is possible with the target of 1.2088, the 38.2% retracement level (blue dotted line). From this level, the price may move up.