Trend analysis
GBP/USD will continue rising this week, starting from the closing of the last weekly candle at 1.2173 to the 38.2% retracement level at 1.2516 (red dotted line). After that it will move to the 50.0% retracement level at 1.2408 (dashed blue line), then go further up.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).
During the week, pound will increase from 1.2173 (the closing of the last weekly candle) to 1.2516, which is the 38.2% retracement level (red dotted line). Then, it will go to the 50.0% retracement level at 1.2408 (dashed blue line) and to higher price levels.
Alternatively, the quote could climb from 1.2173 (closing of the last weekly candle) to the 23.6% retracement level at 1.2227 (red dotted line), go down to the support level at 1.2025 (blue thick line), then bounce up again.
