Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1513 (close of yesterday's daily candle) to 1.1565, the 14.6% retracement level (blue dotted line). When testing this level, a continued upward movement is possible to 1.1643, the 23.6% retracement level (blue dotted line). From this level, a downward pullback 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 1.1513 (close of yesterday's daily candle) to 1.1565, the 14.6% retracement level (blue dotted line). When testing this level, a continued upward movement is possible to 1.1643, the 23.6% retracement level (blue dotted line). From this level, a downward pullback is possible.
Alternative scenario: from the level of 1.1513 (close of yesterday's daily candle), the price may move upward to 1.1608, the 8-period EMA (thin blue line). When testing this level, a downward movement is possible to 1.1560, the 261.8% Fibonacci retracement level (red dotted line). Upon reaching this level, the price may resume moving upward with the target of 1.1643, the 23.6% retracement level (blue dotted line).
