Trend analysis (Fig. 1).
The pound-dollar pair may move down from the level of 1.2465 (close of yesterday's daily candle) with the target of 1.2436, the 23.6% retracement level (yellow dotted line). After testing this level, the price may move up to the upper fractal 1.2523 (yellow 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 down from the level of 1.2465 (close of yesterday's daily candle) with the target of 1.2436, the 23.6% retracement level (yellow dotted line). After testing this level, the price may move up to the upper fractal 1.2523 (yellow dotted line).
Alternative scenario: from the level of 1.2465 (close of yesterday's daily candle), the price may move up with the target of 1.2497, the 21-period EMA (thin black line). After testing this level, the price may move downward with the target of 1.2382, the 38.2% retracement level (yellow dotted line).
