trend analysis
GBP/USD is likely to increase this week, from 1.3176 (closing of the last weekly candle) to 1.3293, which is the 23.6% retracement level (yellow dotted line). After that it will go to the historical support level at 1.3480 (blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).
And during the week, the price will rise from 1.3176 (closing of the last weekly candle) to the 23.6% retracement level at 1.3293 (yellow dotted line), then go further up to the historical support level at 1.3480 (blue dotted line).
As such, there is little chance that the pair will dip from 1.3176 (closing of the last weekly candle) to the lower fractal at 1.2999 (yellow dotted line), then bounce up to 1.3181, which is the 14.6% retracement level (yellow dotted line).
