The price closed above the support line 1.3284 (the white thick line), which means that the upstream channel operates in January 2017. According to the traditional approach, touching the price for the third time of the support line gives the probability of the upper work by 70%.
Trend analysis (Figure 1).
In May, the price moved down but after testing the support line (white thick line), it went up. In June, it is possible for the upward movement to continue towards the first target with the recessionary level of 23.6% at 1.3479 (yellow dotted line).
Fig. 2 (monthly chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - up;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - down;
Conclusion on complex analysis is possibly upward.
The total result in the calculation of the candle of the GBP / USD currency pair on the daily chart: the price will be the most likely to have an upward trend candle and the presence of the second upper shadow (last week is black).
The upper target is 1.3479 with the retracement level of 23.6% (yellow dotted line).
