Trend analysis (Fig. 1).
The pound-dollar pair may move downward from 1.2175 (close of yesterday's daily candle) to the support level at 1.2093 (thick blue line). After testing this level, the price may move upward with the target of 1.2147, the 23.6% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – down.
General conclusion:
Today the price may move downward from 1.2175 (close of yesterday's daily candle) to the support level at 1.2093 (thick blue line). After testing this level, the price may move upward with the target of 1.2147, the 23.6% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Alternative scenario: from the level of 1.2175 (close of yesterday's daily candle), the price may move downward to the support level at 1.2093 (dark blue line). After testing this level, continued downward movement is possible with the target of 1.2043, the 76.4% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
