Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1826 (close of Friday's daily candle) to the target of 1.1894, the 23.6% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.1928, the historical resistance level (blue dotted line). Upon reaching this level, a continued upward move is possible to 1.1977, the 38.2% retracement level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
General conclusion:
Today the price may move upward from the level of 1.1826 (close of Friday's daily candle) to the target of 1.1894, the 23.6% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.1928, the historical resistance level (blue dotted line). Upon reaching this level, a continued upward move is possible to 1.1977, the 38.2% retracement level (red dotted line).
Alternative scenario: from the level of 1.1826 (close of Friday's daily candle), the price may move down to the lower fractal 1.1759 (blue dotted line). Upon testing this level, an upward movement is possible with the target of 1.1842, the 14.6% retracement level (red dotted line). Upon reaching this level, the price may move up.
