Trend analysis (Fig. 1).
The pound-dollar pair may move up from the level of 1.3064 (close of yesterday's daily candle) to the target at 1.3095, the 38.2% retracement level (red dotted line). When testing this level, the price may continue to move up with the target at 1.3133, the 50.0% retracement level (red dotted line). When testing 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;
- Bollinger bands – up;
- Weekly chart – up.
General conclusion:
Today, the price may move up from the level of 1.3064 (close of yesterday's daily candle) to the target at 1.3095, the 38.2% retracement level (red dotted line). When testing this level, the price may continue to move up with the target at 1.3133, the 50.0% retracement level (red dotted line). When testing this level, downward movement is possible.
Alternative scenario: from the level of 1.3064 (close of yesterday's daily candle), the price may move downward with the target of 1.3038, the 61.8% retracement level (yellow dotted line). When testing this level, the price may move upward with the target at 1.3095, the 38.2% retracement level (red dotted line).
