Trend analysis (Fig. 1).
The pound-dollar pair may move downward from 1.2181 (close of yesterday's daily candle) to 1.2168, the 50% retracement level (yellow dotted line). In case of testing this level, continued downward movement is possible with the target of 1.2113, the 61.8% retracement level (yellow dotted line). From 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 – down;
- Weekly chart – down;
- Bollinger bands – down.
General conclusion:
Today, the price may move downward from 1.2181 (close of yesterday's daily candle) to 1.2168, the 50% retracement level (yellow dotted line). In case of testing this level, continued downward movement is possible with the target of 1.2113, the 61.8% retracement level (yellow dotted line). From this level, the price may move up.
Alternative scenario: from the level of 1.2181 (close of yesterday's daily candle), the price may move downward to 1.2168, the 50% retracement level (yellow dotted line). In case of testing this level, an upward movement is possible with the target of 1.2224, the 38.2% retracement level (red dotted line).
