Trend analysis (Fig. 1).
The pound-dollar pair may move downward from 1.1991 (close of yesterday's daily candle) to 1.1977, the 23.6% retracement level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2112, the 61.8% retracement level (red dotted line). From this level, the price may move down.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Weekly chart – up;
- Bollinger bands – down.
General conclusion:
Today, the price may move downward from 1.1991 (close of yesterday's daily candle) to 1.1977, the 23.6% retracement level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2112, the 61.8% retracement level (red dotted line). From this level, the price may move down.
Alternative scenario: from the level of 1.1991 (close of yesterday's daily candle), the price may move downward to 1.1935, the 38.2% retracement level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2044, the 50.0% retracement level (red dotted line). From this level, the price may move up.
