The pair traded upward on Wednesday and tested the resistance level 1.2943 (black bold line). Today, the price may continue to move up. According to the economic calendar, pound news is expected at 08:30 UTC, and dollar news is at 12:30 and 14:00 UTC.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.2924 (closing of yesterday's daily candlestick) with the target of 1.2984 - a 38.2% pullback level (blue dotted line). Upon reaching this level, the upward trend may continue with the target of 1.3079 - a 50.0% pullback level (blue dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move upwards with the target of 1.2984 - a 38.2% pullback level (blue dotted line). Upon reaching this level, the upward trend may continue with the next target of 1.3079 - a 50.0% pullback level (blue dashed line).
Another possible scenario: from the level of 1.2924 (closing of yesterday's daily candlestick) the price may move upward with the target at the resistance level 1.2945 (black bold line). Upon reaching this level, the price may decline to at least 1.2868 - a 50% pullback level (red dotted line).
