Trend analysis
GBP/USD will continue increasing this week, starting from the closing of the last weekly candle at 1.1165 to the 61.8% retracement level at 1.1544 (dashed blue line). After that it will move to the resistance line at 1.1853 (thick white line), then start a downward movement.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).
So during the week, pound will rise from 1.1165 (the closing of the last weekly candle) to the 61.8% retracement level at 1.1544 (dashed blue line), then move to the resistance line at 1.1853 (thick white line). A downward movement may begin after that.
Alternatively, quotes could climb from 1.1165 (closing of the last weekly candle) to the 61.8% retracement level at 1.1544 (dashed blue line), then fall down to the 208% retracement level at 1.1179 (yellow dotted line). The pair may continue to rise after testing this level.
