On the monthly chart, the price moved down, breaking through the next Fibonacci level of 38.2% then rallied down. The next strong level is 50.0% at 1.3180. From the first time in declined through the level of 50.0%, I think it will not be possible.
Trend analysis (Figure 1).
Last week, the price moved down. The closest target is the 50.0% retracement level, after which the price can roll back up. How much of the probability of this scenario will likely be shown by a comprehensive analysis.
Fig. 2 (weekly chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candle analysis - neutral;
- trend analysis - down;
- Bollinger lines - down;
- monthly chart - down.
Conclusion on complex analysis is a downward movement.
The total result of calculating the candle of the GBP / USD currency pair on a weekly chart: the price of the week lower shadow.
The lower target is 1.3180 with a pullback level of 50.0% (red dotted line).
