The pair continued its upward movement on Friday, breaking through the new resistance line 1.3142, presented in a red bold line, and the old 1.3163, presented in a black bold line. Today, strong calendar news for the pound is expected at 09:30 UTC and for the dollar at 15:00 UTC. A possible downward movement.
Trend analysis (Fig. 1).
A downward movement is possible today with a target of 1.3155, the retracement level of 23.6% presented in a blue dashed line. Succeeded by an upward movement with the first target of 1.3211, the upper fractal in a blue dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
Today, the price can rollback.
A downward scenario is unlikely but quite possible. That is, from the level of 1.3208, Friday afternoon's closing candle, work up with the target at 1.3298, the retracement level of 161.8% presented in a red dashed line.
