FX.co ★ Indicator analysis: Daily review of GBP/USD on September 16, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1465 (close of yesterday's daily candle) to the lower fractal 1.1404 (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1534, the 14.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target of 1.1614, the 23.6% retracement level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger bands – down;
• Weekly chart – down.

General conclusion:

Today the price may move downward from the level of 1.1465 (close of yesterday's daily candle) to the lower fractal 1.1404 (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1534, the 14.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target of 1.1614, the 23.6% retracement level (blue dotted line).

Alternative scenario: from the level of 1.1465 (close of yesterday's daily candle), the price may move downward to the support level 1.1355 (thick red line), where an upward movement is possible with the target of 1.1534, the 14.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.