Trend analysis (Fig. 1).
The pound-dollar pair may move up from the level of 1.2994 (close of yesterday's daily candle) to 1.3047, the 23.6% retracement level (red dotted line). In case of testing this level, the price may continue to move upward with the target at 1.3095, the 38.2% retracement level (red dotted line). From this level, downward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Weekly chart – up;
- Bollinger bands – down.
General conclusion:
Today, the price may move up from the level of 1.2994 (close of yesterday's daily candle) to 1.3047, the 23.6% retracement level (red dotted line). In case of testing this level, the price may continue to move upward with the target at 1.3095, the 38.2% retracement level (red dotted line). From this level, downward movement is possible.
Unlikely scenario: from the level of 1.2994 (close of yesterday's daily candle), the price may move upward to 1.3047, the 23.6% retracement level (red dotted line). In case of testing this level, the price may move down to the support level at 1.2990 (thick red line).
