Trend analysis.
This week, the price will move down from the level of 1.3275-- which was the closing of the last weekly candle-- in order to reach the pullback level of 23.6% - 1.2992 (red dotted line). If this level is tested, it is possible to work up to reach the pullback level of 61.8% - 1.3243 (blue dotted line).
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis -- down
-Fibonacci levels -- down
-Volumes -- down
-Technical analysis -- down
-Trend analysis -- up
-Bollinger bands -- down
-Monthly chart -- down.
The conclusion of the complex analysis is a downward movement.
The overall result of calculating the GBP/ USD currency pair candle on a weekly chart: the price, for weeks, is likely to have a downward trend with the absence of the first upper shadow of the weekly black candle (Monday – down) and the presence of the second lower shadow (Friday – up).
The first lower goal is to reach the pullback level of 23.6% - 1.2992 (red dotted line) and if this level is tested, it is possible to work up with the goal of the pullback level of 61.8% - 1.3243 (blue dotted line).
Unlikely scenario: From the level of 1.3275 (closing of the last weekly candle), it will move down, with the goal-- a pullback of the level of 14.6% - 1.3178 (red dotted line). Upon reaching, it is possible to continue moving up with the goal, the upper fractal is 1.3481 (red dotted line).
