Trend analysis (Fig. 1).
The pound-dollar pair may move upward from 1.2117 (close of yesterday's daily candle) to the target of 1.2158, the 23.6% retracement level (red dotted line). When testing this level, continued upward movement is possible with the target of 1.2191, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may move down.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – down;
- Candlestick analysis – up;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – down.
General conclusion:
Today, the price may move upward from 1.2117 (close of yesterday's daily candle) to the target of 1.2158, the 23.6% retracement level (red dotted line). When testing this level, continued upward movement is possible with the target of 1.2191, the 38.2% retracement level (red dotted line). Upon reaching this level, the price may move down.
Alternative scenario: from the level of 1.2117 (close of yesterday's daily candle), the price may move upward with the target of 1.2158, the 23.6% retracement level (red dotted line). When testing this level, a downward movement is possible to the lower fractal 1.2105 (red dotted line). When testing this level, the price may move upward with the target of 1 2158, the 23.6% retracement level (red dotted line).
