Trend analysis (Fig. 1).
The pound-dollar pair may move down from the level of 1.2540 (close of yesterday's daily candle) to the historical support level at 1.2487 (blue dotted line). When testing this level, an upward pullback is possible with the target of 1.2608, the 14.6% retracement level (red dotted line). When testing this level, the upward movement may continue.
Fig. 1 (daily chart).
- Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – up;
- Trend analysis – down;
- Bollinger bands – up;
- Weekly chart – down.
Today, the price may move down from the level of 1.2540 (close of yesterday's daily candle) to the historical support level at 1.2487 (blue dotted line). When testing this level, an upward pullback is possible with the target of 1.2608, the 14.6% retracement level (red dotted line). When testing this level, the upward movement may continue.
Alternative scenario: from the level of 1.2540 (close of yesterday's daily candle), the price may move down to the historical support level at 1.2487 (blue dotted line). When testing this level, the price may continue to move downward to 1.2408, the 423.6% Fibonacci retracement level (yellow dotted line). From this level, the price may move up.
