Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1829 (close of yesterday's daily candle) to the target of 1.1759, the support level (thick white line). After 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 continue to move upward with the target of 1.1893, the 23.6% 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 1.1829 (close of yesterday's daily candle) to the target of 1.1759, the support level (thick white line). After 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 continue to move upward with the target of 1.1893, the 23.6% retracement level (red dotted line).
Alternative scenario: from the level of 1.1829 (close of yesterday's daily candle), the price may move down to the lower fractal 1.1716 (daily candle from 08/23/2022), where an upward move is possible with the target of 1.1842, the 14.6% retracement level (red dotted line). After testing this level, the price may continue to move up.
