Trend analysis (Fig. 1).
The pound-dollar pair may move down from the level of 1.2737 (close of yesterday's daily candle) to the target of 1.2690, the 261.8% Fibonacci retracement level (yellow dotted line). When testing this level, the price may move upward with the target of 1.2783, the 14.6% retracement level (red 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 1.2737 (close of yesterday's daily candle) to the target of 1.2690, the 261.8% Fibonacci retracement level (yellow dotted line). When testing this level, the price may move upward with the target of 1.2783, the 14.6% retracement level (red dotted line).
Alternative scenario: from the level of 1.2737 (close of yesterday's daily candle), the price may move down to the historical support level at 1.2582 (blue dotted line). When testing this level, the price may move up to the lower fractal 1.2696 (red dotted line).
