Trend analysis (Fig. 1).
The pound-dollar pair may move up from the level of 1.2195 (close of yesterday's daily candle) to 1.2329, the 14.6% retracement level (red dotted line). After testing this level, the price may move down to the lower fractal 1.2164 (red dotted line).
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.
Today, the price may move up from the level of 1.2195 (close of yesterday's daily candle) to 1.2329, the 14.6% retracement level (red dotted line). After testing this level, the price may move down to the lower fractal 1.2164 (red dotted line).
Alternative scenario: from the level of 1.2195 (close of yesterday's daily candle), the price may move downward to the support at 1.2082 (thick blue line). After testing this level, the price may move up to the lower fractal 1.2164 (red dotted line).
