Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2021 (close of yesterday's daily candle) to the upper fractal 1.2089 (daily candle from 07/26/2022). In the case of testing this level, the price may move down with the target of 1.1963, the 38.2% retracement level (blue dotted line). From this level, the price may move up.
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 – up.
General conclusion:
Today, the price may move upward from the level of 1.2021 (close of yesterday's daily candle) to the upper fractal 1.2089 (daily candle from 07/26/2022). In the case of testing this level, the price may move down with the target of 1.1963, the 38.2% retracement level (blue dotted line). From this level, the price may move up.
Alternative scenario: from the level of 1.2021 (close of yesterday's daily candle), the price may move upward to the upper fractal 1.2089 (daily candle of 07/26/2022). In the case of testing this level, a downward movement is possible with the target of 1.1926, the 50.0% retracement level (blue dotted line). From this level, the price may move up.
