Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1087 (close of Friday's daily candle) to the target of 1.1304, the 61.8% retracement level (blue dotted line). After testing this level, continued upward movement is possible with the target of 1.1406, the 76.4% retracement level (blue dotted line). In the case of 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;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.1087 (close of Friday's daily candle) to the target of 1.1304, the 61.8% retracement level (blue dotted line). After testing this level, continued upward movement is possible with the target of 1.1406, the 76.4% retracement level (blue dotted line). In the case of testing this level, the price may roll back down.
Alternatively, the price may move upward from the level of 1.1087 (close of Friday's daily candle) with the target of 1.1304, the 61.8% retracement level (blue dotted line). After testing this level, a downward movement is possible with the target of 1.1053, the 38.2% retracement level (yellow dotted line).
