For this week, the price will move up from the level of 1.3035 (closing of the last weekly candle) to the pullback level of 50.0% - 1.3077 (blue dotted line). If this level will be reached, the upward movement will continue with the goal of a rollback level of 61.8% - 1.3172 (blue dotted line). But if this line will be tested, the upward movement is possible with the goal of rolling back the level of 76.4% - 1.3290 (blue dotted line).
Figure 1 (weekly chart).
Comprehensive analysis:
- Indicator Analysis – Up;
- Fibonacci Levels – Up;
- Volumes – Up;
- Candle Analysis – Up;
- Trend Analysis – Up;
- Bollinger Bands – Up;
- Monthly Chart – Up.
The conclusion of the complex analysis is an upward movement.
According to the overall result of calculating the GBP/ USD currency pair candle on a weekly chart: the price on the week is likely to have an upward trend with the absence of the first lower shadow of the weekly white candle (Monday - up) and the absence of the second upper shadow (Friday - up).
The first upper target to the pullback level of 50.0% is 1.3077 (blue dotted line). If this level will be reached, the upward movement will continue with the goal of a rollback level of 61.8% - 1.3172 (blue dotted line).
Unlikely scenario: from the level of 1.3035 (closing of the last weekly candle), the price will go down to reach the pullback level of 23.6% - 1.2991 (red dotted line). If this line will be tested, the downward movement is possible in order to reach the support line - 1.2810 (white bold line).
