Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1703 (close of yesterday's daily candle) to the resistance level of 1.1758 (thick white line). When testing this level, continued upward movement is possible to 1.1842, the 14.6% 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 – down;
- Weekly chart – up.
General conclusion:
Today, the price may move upward from 1.1703 (close of yesterday's daily candle) to the resistance level of 1.1758 (thick white line). When testing this level, continued upward movement is possible to 1.1842, the 14.6% retracement level (red dotted line).
Alternative scenario: from the level of 1.1703 (close of yesterday's daily candle), the price may move down to the historical support level of 1.1643 (blue dotted line). When testing this level, an upward movement is possible to the resistance level of 1.1758 (thick white line). Upon reaching this level, the price may continue to move up to 1.1842, the 14.6% retracement level (red dotted line).
