The pair traded upward on Tuesday and tested the support line 1.2269 (presented in a red bold line). Today, the price may continue to move up. Economic calendar news for the pound is expected at 13:30 UTC, and for the dollar at 14:30 and 18:00 UTC.
Trend analysis (Fig. 1).
Today, the upward trend is likely to continue from the level of 1.2252 (closing of yesterday's candle) with the target of 1.2293 - a 38.2% retracement level (presented in a red dotted line). If this level is reached, the upward movement is likely to continue with the next target of 1.2360 - a 50.0% pullback level (presented in a red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - down;
- Weekly schedule - up.
General conclusion:
Today, the price may move upwards with the target of 1.2360 - a 50.0% pullback level (presented in a red dashed line).
Another possible scenario is a downward trend from the resistance line 1.2275 (presented in a red bold line) with the target at the lower fractal 1.2077 (presented in a red dashed line).
