Trend analysis.
The price will move upward from the level of 1.2790 (closing of the last weekly candle) this week in order to reach the pullback level of 76.4% - 1.3016 (blue dotted line). If this line is reached, it is possible to work upwards with the target of 1.3109 - the resistance line (black bold line).
Fig. 1 (weekly chart).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - up;
- monthly chart - up.
The conclusion based on a comprehensive analysis is an upward movement.
The general result of calculating the candlestick 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 absence of the second upper shadow (Friday - up).
The first upper target is the 76.4% pullback level - 1.3016 (blue dotted line). If this line is reached, it is possible to work upwards with the target of 1.3109 - the resistance line (black bold line).
An alternative scenario: from the level of 1.2790 (closing of the last weekly candle), it will move upwards in order to reach the upper fractal - 1.2811 (red dashed line) and then it can likely work downwards with the target at 1.2716 - support line (red bold line).
