The pair rallied up last week, almost testing the upper pullback level of 76.4%, 1.2744 (blue dotted line). Most likely, the price can pull back this week after reaching the resistance line 1.2896 (red bold line).
Trend analysis.
This week, the price from the level of 1.2664 (closing of the last weekly candle) will move upward with the goal of reaching the resistance line 1.2896 (red bold line). However, breaking through this line is unlikely. A further downward movement is possible with the first goal of 1.2773 - a pullback level of 14.6% (red dashed line), and if this level is reached, we can continue to work down to the next lower goal of 1.2575 - a pullback level of 23.6% (red dashed line).
Fig. 1 (weekly schedule).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger Lines - up;
- monthly chart - up.
The conclusion of a comprehensive analysis is an upward movement.
The total result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price of the week will most likely have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the presence of the second upper shadow (Friday - down).
The upper target is 1.2896 (red bold line) and if this line is reached, we can consider working down to the lower target at 1.2773 - a pullback level of 14.6% (red dashed line).
An unlikely upper scenario: from the level of 1.2664 (closing of the last weekly candle), the pullback level of 38.2% - 1.2582 (red dashed line) will decline to the next target.
