trend analysis
GBP/USD is likely to decline this week, from 1.3181 (closing of the last weekly candle) to the support line at 1.3045 (thick red line). After that it will go back to the 14.6% resistance level at 1.3181 (yellow dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - downtrend
Bollinger bands - downtrend
Monthly chart - downtrend
All this points to a downward movement in GBP/USD.
Conclusion: The pair will have a downward trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).
And during the week, the price will fall from 1.3181 (closing of the last weekly candle) to the support line at 1.3045 (thick red line), then go back to the 14.6% resistance level at 1.3181 (yellow dotted line).
Alternatively, the pair could dip from 1.3181 (closing of the last weekly candle) to the lower fractal at 1.2999 (yellow dotted line), then bounce back to the 14.6% resistance level at 1.3181 (yellow dotted line).
