Trend analysis (Picture 1)
On Wednesday, the pound/dollar pair may start rising from the level of 1.3373 to reach 1.3423 (a yellow dotted line), the 14.6% retracement level. If the price breaks this level, it may climb to 1.3467, the 23.6% retracement level (a yellow dotted line).
Picture 1 (Daily chart)
Comprehensive analysis:
- Indicator analysis – uptrend;
- Fibonacci levels – uptrend;
- Volume analysis – uptrend;
- Candlestick analysis – uptrend;
- Trend analysis – uptrend;
- Weekly chart – uptrend;
- Bollinger bands – uptrend.
Conclusion:
Today, the pound/dollar pair may start rising from the level of 1.3373 to reach 1.3423 (a yellow dotted line), the 14.6% retracement level. If the price breaks this level, it may climb to 1.3467, the 23.6% retracement level (a yellow dotted line).
Hardly possible scenario:
The pound/dollar pair may start dropping from the level of 1.3373 to hit 1.3341 (a daily candlestick from November 23, 2021). If the price touches the level, it may rebound to 1.3423, the 14.6% retracement level (a yellow dotted line).
