Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1885 (close of yesterday's daily candle) to 1.1928, the 23.6% retracement level (red dotted line). In case of testing this level, continued upward movement is possible with the target of 1.2006, the 38.2% retracement level (red dotted line). From this level, the price may move down.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Weekly chart – up;
- Bollinger bands – down.
General conclusion:
Today the price may move upward from 1.1885 (close of yesterday's daily candle) to 1.1928, the 23.6% retracement level (red dotted line). In case of testing this level, continued upward movement is possible with the target of 1.2006, the 38.2% retracement level (red dotted line). From this level, the price may move down.
Alternative scenario: from the level of 1.1885 (close of yesterday's daily candle), the price may move upward to 1.1928, the 23.6% retracement level (red dotted line). In case of testing this level, a downward movement is possible with the target of 1.1806, the lower fractal (red dotted line). From this level, the price may move up.
