Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1489 (close of yesterday's daily candle) to 1.1614, the 23.6% retracement level (blue dotted line). When testing this level, continued upward movement is possible to 1.1743, the 38.2% retracement level (blue dotted line). In the case of testing this level, the price may move downwards with the target of 1.1687, the 14.6% retracement level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Weekly chart – up;
- Bollinger bands – down.
General conclusion:
Today the price may move upward from the level of 1.1489 (close of yesterday's daily candle) to 1.1614, the 23.6% retracement level (blue dotted line). When testing this level, continued upward movement is possible to 1.1743, the 38.2% retracement level (blue dotted line). In the case of testing this level, the price may move downwards with the target of 1.1687, the 14.6% retracement level (yellow dotted line).
Alternative scenario: from the level of 1.1489 (close of yesterday's daily candle), the price may move upward to 1.1534, the 14.6% retracement level (blue dotted line). In the case of testing this level, a downward movement is possible with the target of 1.1404, the lower fractal (yellow dotted line). When testing this level, the price may move up.
