Trend analysis.
From the level of 1.2917 (closing of the September monthly candlestick), it is likely that the price will increase in October, with the first goal at 1.3077 - a pullback level of 50.0% (blue dotted line). In case of testing this level, it can continue to work further upwards to next upper goal located at 1.3429 - the resistance line (black thick line).
Figure: 1 (monthly chart).
Indicator analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - down;
- trend analysis - down;
- Bollinger lines - up;
An upward movement can be concluded from the comprehensive analysis.
The general result of the calculation of the candlestick of the GBP/USD pair on the monthly chart: the price is likely to have an upward trend with the first lower shadow (first week of the month - black) at the monthly white candlestick and with the second upper shadow (last week black).
A likely scenario: from the level of 1.2917 (closing of the September monthly candlestick), a decline is possible with the goal at 1.2674 - a lower fractal (blue dashed line). If this level is tested, the price can move up with the goal at 1.3077 - a pullback level of 50.0% (blue dotted line) From this level, we can further rise to the next upper goal at 1.3429 - the resistance line (black thick line).
An unlikely scenario: from the level of 1.2917 (closing of the July monthly candle), a downward movement with the goal of 1.2674 - a lower fractal (blue dotted line) is unlikely.
