The pair rolled back yesterday testing the pullback level of 38.2% equivalent to 1.2994 (blue dashed line). Today, strong calendar news for the pound is expected at 09:30 UTC. Perhaps, the upward movement will continue with the first target 1.2971, the pullback level of 50% (red dashed line).
Trend analysis (Fig. 1).
Today, from the pullback level of 38.2% equivalent to 1.2994 (blue dashed line), it is possible to move up with the target 1.3041, the pullback level 50.0% (red dashed line). If this level is reached, continued work upwards with the target at 1.3070, the upper fractal (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may continue to move up.
An unlikely but quite possible scenario is from a retracement level of 38.2% equivalent to 1.2994 (blue dashed line), work down with the target 1.2948, the retracement level of 61.8% (blue dashed line).
