Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1998 (close of yesterday's daily candle) to the target of 1.1935, the 38.2% retracement level (blue dotted line). After testing this level, the price may rise with the target of 1.2044, the 50% 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 – up;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion:
Today, the price may move downward from the level of 1.1998 (close of yesterday's daily candle) to the target of 1.1935, the 38.2% retracement level (blue dotted line). After testing this level, the price may rise with the target of 1.2044, the 50% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.
Alternative scenario: from the level of 1.1998 (close of yesterday's daily candle), the price may move downward with the target of 1.1935, the 38.2% retracement level (blue dotted line). After testing this level, continued downward movement is possible with the target of 1.1903, the 50% retracement level (blue dotted line). Upon reaching this level, the price may move up.
