Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1266 (close of yesterday's daily candle) to the target of 1.1102, the lower border of the Bollinger band indicator channel (black dotted line). When testing this level, an upward movement is possible with the target of 1.1235, the lower fractal (blue dotted line). Upon reaching this level, the price may move up.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – down.
General conclusion:
Today, the price may move downward from the level of 1.1266 (close of yesterday's daily candle) to the target of 1.1102, the lower border of the Bollinger band indicator channel (black dotted line). When testing this level, an upward movement is possible with the target of 1.1235, the lower fractal (blue dotted line). Upon reaching this level, the price may move up.
Alternative scenario: from the level of 1.1266 (close of yesterday's daily candle), the price may move downward with the target of 1.1197, the 161.8% Fibonacci retracement level (yellow dotted line). When testing this level, an upward movement is possible.
