Trend analysis (Fig. 1).
The pound-dollar pair may move down from the level of 1.2571 (close of yesterday's daily candle) to the target of 1.2544, the 23.6% retracement level (yellow dotted line). After testing this level, the price may move upward to the upper fractal at 1.2666 (yellow dotted line). Upon reaching this level, the price may move up.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
Today, the price may move down from the level of 1.2571 (close of yesterday's daily candle) to the target of 1.2544, the 23.6% retracement level (yellow dotted line). After testing this level, the price may move upward to the upper fractal at 1.2666 (yellow dotted line). Upon reaching this level, the price may move up.
Alternative scenario: from the level of 1.2571 (close of yesterday's daily candle), the price may move downward with the target of 1.2469, the 38.2% retracement level (yellow dotted line). After testing this level, the price may move upward to the upper fractal at 1.2666 (yellow dotted line). Upon reaching this level, continued upward movement is possible.
