Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.0728 (closing of yesterday's daily candle) to 1.0875, the 38.2% retracement level (blue dotted line). In the case of testing this level, continued upward movement is possible to 1.1040, the 50.0% retracement level (blue dotted line). When testing this level, the price may roll back down.
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 – up.
General conclusion:
Today the price may move upward from the level of 1.0728 (closing of yesterday's daily candle) to 1.0875, the 38.2% retracement level (blue dotted line). In the case of testing this level, continued upward movement is possible to 1.1040, the 50.0% retracement level (blue dotted line). When testing this level, the price may roll back down.
Alternative scenario: from the level of 1.0728 (closing of yesterday's daily candle), the price may move downward to 1.0407, the lower border of the Bollinger line indicator (black dotted line). In the case of testing this level, an upward movement is possible with the target of 1.0548, the 14.6% retracement level (blue dotted line). When testing this level, the price may move up.
