Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.2130 (close of Friday's daily candle) to the target of 1.2088, the 38.2% retracement level (blue dotted line). Upon testing this level, the price may move upward with the target of 1.2112, the 61.8% retracement level (red dotted line). From this level, continued upward movement is possible with the target of 1.2196, the 76.4% retracement level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – down.
General conclusion:
Today the price may move downward from 1.2130 (close of Friday's daily candle) to the target of 1.2088, the 38.2% retracement level (blue dotted line). Upon testing this level, the price may move upward with the target of 1.2112, the 61.8% retracement level (red dotted line). From this level, continued upward movement is possible with the target of 1.2196, the 76.4% retracement level (red dotted line).
Alternative scenario: from the level of 1.2130 (close of Friday's daily candle), the price may move downward with the target of 1.2025, the 50.0% retracement level (blue dotted line). Upon testing this level, an upward movement is possible with the target of 1.2112, the 61.8% retracement level (red dotted line). From here, upward work is possible.
