Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1925 (close of yesterday's daily candle) to the support level 1.1893 (thick white line). After testing this level, the price may move upward with the target of 1.1977, the 38.2% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2045, the 50.0% 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 – up.
General conclusion :
Today the price may move downward from the level of 1.1925 (close of yesterday's daily candle) to the support level 1.1893 (thick white line). After testing this level, the price may move upward with the target of 1.1977, the 38.2% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2045, the 50.0% retracement level (red dotted line).
Alternative scenario: from the level of 1.1925 (close of yesterday's daily candle), the price may move downward with the target of 1.1884, the 76.4% retracement level (blue dotted line). From here, an upward movement is possible with the target of 1.1977, the 38.2% retracement level (red dotted line). After testing this level, the price may continue to move up.
