The pair continued to move down on Thursday, breaking through the support line of 1.3046 presented in a white bold line. Today, strong calendar news is expected for the pound at 09:30 UTC and for the dollar at 13:30 UTC. Also, the market may move up with the upper target of 1.3064 the resistance line presented in a white bold line. Breaking up this line is unlikely.
Trend analysis (Fig. 1).
Today, the price can make a pullback of an upward movement with the first target 1.3058 the resistance lines presented in a white bold line. If this line is reached, work down to the next target 1.2979 the support line presented in a red bold line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger Lines - down;
- Weekly schedule - down.
General conclusion:
On Friday, the price may roll back up.
Another scenario is also possible, where, from the resistance line of 1.3058 presented in a white bold line, work up with the target of 1.3134 at the upper fractal.
