Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2050 (close of yesterday's daily candle) to 1.2112, the 61.8% retracement level (red dotted line). When testing this level, the price may continue to rise to 1.2196, the 76.4% retracement level (red dotted line). From this level, a continued upward move is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion:
Today the price may move upward from 1.2050 (close of yesterday's daily candle) to 1.2112, the 61.8% retracement level (red dotted line). When testing this level, the price may continue to rise to 1.2196, the 76.4% retracement level (red dotted line). From this level, a continued upward move is possible.
Alternative scenario: from the level of 1.2050 (close of yesterday's daily candle), the price may move downward to 1.2025, the 50.0% retracement level (blue dotted line). When testing this level, an upward movement is possible to 1.2112, the 61.8% retracement level (red dotted line). From this level, the price may continue to move up.
