Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1535 (close of yesterday's daily candle) to the target at 1.1482, the 76.4% retracement level (yellow dotted line). When testing this level, an upward movement is possible with the target of 1.1613, the 23.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – up;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion:
Today, the price may move downward from the level of 1.1535 (close of yesterday's daily candle) to the target at 1.1482, the 76.4% retracement level (yellow dotted line). When testing this level, an upward movement is possible with the target of 1.1613, the 23.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.
Alternative scenario: from the level of 1.1535 (close of yesterday's daily candle), the price may move downward with the target of 1.1453, the 85.4% retracement level (yellow dotted line). When testing this level, an upward movement is possible.
