Trend analysis (Fig. 1)
GBP / USD is likely to rise from 1.3611 (closing of yesterday's daily candle) to the 50% retracement level (yellow dashed line) - 1.3660, and then go further up to the 61.8% retracement level (yellow dashed line) - 1.3719.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - uptrend;
- Fibonacci levels - uptrend;
- Volumes - uptrend;
- Candlestick analysis - uptrend;
- Trend analysis - uptrend;
- Bollinger bands - uptrend;
- Weekly chart - uptrend.
Conclusion: GBP/USD should increase from 1.3611 (closing of yesterday's daily candle) to the 50% retracement level (yellow dashed line) - 1.3660, and then continue rising to the 61.8% retracement level (yellow dashed line) - 1.3719.
That being said, there is little chance that after climbing from 1.3611 (closing of yesterday's daily candle) to the 50% retracement level (yellow dashed line) - 1.3660, GBP/USD will drop to the support line (blue bold line) - 1.3613.
