Trend analysis (fig. 1)
On Thursday, GBP/USD may attempt moving upwards from 1.1198 (yesterday's closing price) to test the 14.6% retracement level of 1.1259 (blue dashed line). If the pair overtakes 1.1259, it could target 1.1305 - the 23.6% retracement level (blue dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - uptrend;
- Fibonacci levels - uptrend;
- Volumes - uptrend;
- Candlestick analysis - uptrend;
- Trend analysis - uptrend;
- Bollinger bands - downtrend;
- Weekly chart - uptrend.
Conclusion:
On Thursday, GBP/USD may attempt to move upward from 1.1198 (yesterday's closing price) and test the 14.6% retracement level of 1.1259 (blue dashed line). If the price overtakes this level, it could test the 23.6% retracement level of 1.1305 (blue dashed line).
Alternatively, the pair may attempt to move upward from 1.1198 (yesterday's closing price) to test the 1.1227 resistance level (red bold line) and bounce downward, targeting the key support level of 1.174 (blue dashed line).
