trend analysis
GBP/USD will attempt to move up this week, from 1.2217 (closing of the last weekly candle) to 1.2270, the 14.6% retracement level (yellow dotted line). Then, it will go to the 14.6% retracement level at 1.2477 (yellow dotted line), before rolling back downwards.
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 no second upper shadow (Friday - up).
And during the week, the price will rise from 1.2217 (closing of the last weekly candle) to the 14.6% retracement level at 1.2270 (yellow dotted line), move to the 14.6% retracement level at 1.2477 (yellow dotted line), then rollback downwards
Alternatively, the quote could attempt to move down from 1.2217 (closing of the last weekly candle) to the support level at 1.2030 (thick blue line), then bounce back to 14.6% retracement level at 1.2197 (red dotted line). The pair is likely to increase after reaching this level.
