Trend analysis
GBP/USD will continue rising this week, starting from the closing of the last weekly candle at 1.1585 to the 38.2% retracement level at 1.1746 (dashed blue line). After that it will move higher to the 50.0% retracement level at 1.1850 (dashed blue line), then fall back to the 8 EMA at 1.1783 (blue thin line). Further upward move is possible from this level.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - downtrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).
So during the week, pound will climb from 1.1585 (the closing of the last weekly candle) to the 38.2% retracement level at 1.1746 (dashed blue line), go further up to the 50.0% retracement level at 1.1850 (dashed blue line), then fall back to the 8 EMA at 1.1783 (blue thin line). Further upward move is possible from this level.
Alternatively, quotes could increase from 1.1585 (closing of the last weekly candle) to the 38.2% retracement level at 1.1746 (dashed blue line), then roll back down to the upper fractal at 1.1665 (weekly candle from 09/04/2022). The pair may continue to rise from this level.
