On a monthly chart, the price reached the ascending support line of 1.3203 from January 2017. The third touch point of the support line is a good starting point for working upward. The upward movement will most likely continue.
Trend analysis (Figure 1).
On Tuesday, the price moved down and reached the support line of the rising channel, after which the price rolled back up. The candlestick analysis also confirms the top work with the top target of 1.3478 and the retracement level of 23.6% (yellow dotted line). How much the probability of this scenario will likely be shown by a comprehensive analysis.
Fig. 2 (weekly chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - up;
- monthly graph - up.
Conclusion on the complex analysis is an upward movement.
The total result of calculating the candle of the GBP / USD currency pair on a weekly chart: the price for the week will probably have an upward trend with the absence of the first lower shadow of the weekly white candle and the absence of the second upper shadow.
The upper target is 1.3478 with the retracement level is 23.6% (yellow dotted line).
