Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1429 (close of yesterday's daily candle) to 1.1496, the 38.2% retracement level (blue dotted line). When testing this level, continued upward movement is possible to 1.1544, the 50.0% retracement level (blue dotted line). From this level, the price may move down.
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 the level of 1.1429 (close of yesterday's daily candle) to 1.1496, the 38.2% retracement level (blue dotted line). When testing this level, continued upward movement is possible to 1.1544, the 50.0% retracement level (blue dotted line). From this level, the price may move down.
Alternative scenario: from the level of 1.1429 (close of yesterday's daily candle), the price may move upward to 1.1496, the 38.2% retracement level (blue dotted line). When testing this level, a downward movement is possible to the historical support level of 1.1421 (blue dotted line). Upon reaching this level, the price may move upward to 1.1544, the 50.0% retracement level (blue dotted line).
