Trend analysis
This week, GBP/USD will rise from 1.2570 (closing of the last weekly candle) to the 23.6% retracement level at 1.2724 (red dotted line), then move to the 38.2% retracement level at 1.2920 (red dotted line). After that it will start to go down.
Fig. 1 (weekly chart)
comprehensive analysis:
Indicator analysis - uptrend Fibonacci levels - uptrend Volumes - uptrend Candlestick analysis - uptrend Trend analysis - uptrend Bollinger bands - uptrend Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).
And during the week, the price will increase from 1.2570 (closing of the last weekly candle) to the 23.6% retracement level at 1.2724 (red dotted line), move to the 38.2% retracement level at 1.2920 (red dotted line), then go down.
Alternatively, the pair could dip from 1.2570 (closing of the last weekly candle) to the support line at 1.2410 (thick red line), then bounce up to the 14.6% retracement level at 1.2604 (red dotted line).
