Trend analysis (Fig. 1).
The pound-dollar pair may move down from the level of 1.2835 (close of Friday's daily candle) to the target of 1.2691, the 261.8% Fibonacci retracement level (yellow dotted line). When testing this level, the price may move upward with the target at the historical support level of 1.2739 (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – down.
General conclusion:
Today, the price may move down from the level of 1.2835 (close of Friday's daily candle) to the target of 1.2691, the 261.8% Fibonacci retracement level (yellow dotted line). When testing this level, the price may move upward with the target at the historical support level of 1.2739 (blue dotted line).
Alternative scenario: from the level of 1.2835 (close of Friday's daily candle), the price may move downward with the target of 1.2689, the 261.8% Fibonacci retracement level (yellow dotted line). From this level, the price may move upward to the lower fractal at 1.2821 (red dotted line).
