Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2166 (close of yesterday's daily candle) to 1.2196, the 76.4% retracement level (red dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.2247, the 85.4% retracement level (red dotted line). From this level, the price may move up.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – down;
- Trend analysis – up;
- Weekly chart – up;
- Bollinger Bands – up.
General conclusion:
Today the price may move upward from the level of 1.2166 (close of yesterday's daily candle) to 1.2196, the 76.4% retracement level (red dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.2247, the 85.4% retracement level (red dotted line). From this level, the price may move up.
Alternative scenario: from the level of 1.2166 (close of yesterday's daily candle), the price may move upward to 1.2196, the 76.4% retracement level (red dotted line). In the case of testing this level, a downward movement is possible with the target of 1.2088, the 38.2% retracement level (blue dotted line). From this level, the price may move up.
